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R/061/2/03/07 PT TOTAL BANGUN PERSADA Tbk NERACA Per 31 Desember 2006 dan 2005 (Dalam Rupiah Penuh) Catatan/ Notes

PT TOTAL BANGUN PERSADA Tbk BALANCE SHEETS As of December 31, 2006 and 2005 (In Full Rupiah) 2006 Rp

2005 Rp ASSETS

AKTIVA AKTIVA LANCAR Kas dan Setara Kas 2.b, 2.j, 3, 31 Piutang Usaha 2.c, 2.j, 4, 31 Pihak Hubungan Istimewa 2.m, 29 Pihak Ketiga (Setelah dikurangi penyisihan piutang ragu-ragu per 31 Desember 2006 dan 2005 masing- masing sebesar Rp 21.042.899.581 dan Rp 21.167.942.691) Piutang Retensi (Setelah dikurangi penyisihan piutang ragu-ragu per 31 Desember 2006 dan 2005 masing- masing sebesar Rp 6.265.300.791 dan Rp 6.737.518.586) 2.c, 2.d, 5 Tagihan Bruto kepada Pemberi Kerja 2.e, 6 Uang Muka Sub Kontraktor 7 Piutang Lain-lain 8 Pihak Hubungan Istimewa 2.m, 29 Pihak Ketiga Biaya Dibayar di Muka 2.f, 9 Jumlah Aktiva Lancar AKTIVA TIDAK LANCAR Aktiva Pajak Tangguhan Penyertaan Jaminan Aktiva Tetap (Setelah dikurangi akumulasi penyusutan per 31 Desember 2006 dan 2005 masing-masing sebesar Rp 53.637.396.070 dan Rp 48.271.655.550) Aktiva Lain-lain Jumlah Aktiva Tidak Lancar

CURRENT ASSETS Cash and Cash Equivalents Accounts Receivable Related Parties Third Parties (Net of allowance for doubtful accounts as of December 31, 2006 and 2005 amounting to Rp 21,042,899,581 and Rp 21,167,942,691, respectively) Retention Receivable (Net of allowance for doubtful accounts as of December 31, 2006 and 2005 amounting to Rp 6,265,300,791 and Rp 6,737,518,586, respectively) Gross Amount Due from Customers Advance to Sub Contractors Others Receivable Related Party Third Parties Prepaid Expenses Total Current Assets

217,446,782,493

167,554,081,856

15,602,393,578

15,901,207,260

161,815,652,852

100,734,056,161

78,865,107,431 298,112,532,506 43,778,822,395

69,236,694,935 247,991,000,608 34,961,108,337

-2,159,782,323 627,003,297 818,408,076,875

1,015,966,913 1,200,174,221 239,316,693 638,833,606,984

2.l, 17.d 2.g, 2.i, 10 2.g, 2.j, 11

16,263,977,988 34,412,368,233 24,245,840,000

14,865,822,605 18,489,014,275 8,881,855,000

2.h, 2.i, 12 2.i, 13

102,588,432,396 4,466,911,512 181,977,530,129

106,555,607,657 2,955,380,618 151,747,680,155

NON-CURRENT ASSETS Deferred Tax Assets Investments Guarantee Deposit Property and Equipment (Net of accumulated depreciation as of December 31, 2006 and 2005 of amounting to Rp 53,637,396,070 and Rp 48,271,655,550, respectively) Other Assets Total Non-Current Assets

1,000,385,607,004

790,581,287,139

TOTAL ASSETS

JUMLAH AKTIVA

Lihat Catatan atas Laporan Keuangan yang merupakan bagian tidak terpisahkan dari Laporan ini

1

See Accompanying Notes to Financial Statements which are an integral part of these Financial Statements FINAL DRAFT For Discussion Purpose Only March 26, 2007 (11:23PM) To be Finalized Agreed by : Date :

R/061/2/03/07 PT TOTAL BANGUN PERSADA Tbk NERACA (Lanjutan) Per 31 Desember 2006 dan 2005 (Dalam Rupiah Penuh)

PT TOTAL BANGUN PERSADA Tbk BALANCE SHEETS (Continued) As of December 31, 2006 and 2005 (In Full Rupiah) Catatan/ Notes

2006 Rp

2005 Rp LIABILITIES AND STOCKHOLDERS' EQUITY

KEWAJIBAN DAN EKUITAS KEWAJIBAN LANCAR Hutang Usaha Pihak Ketiga Uang Muka Proyek Hutang Lain-lain Tanggungan Perusahaan atas Bagian Rugi Operasi Bersama Hutang Pajak Beban yang Masih Harus Dibayar Kewajiban Jangka Panjang yang Jatuh Tempo dalam Satu Tahun Hutang Retensi Jumlah Kewajiban Lancar KEWAJIBAN TIDAK LANCAR Kewajiban Jangka Panjang - Dikurangi Bagian yang Jatuh Tempo dalam Satu Tahun Hutang Retensi Jaminan Sewa Kewajiban Diestimasi atas Imbalan Kerja Jumlah Kewajiban Tidak Lancar

2.j, 14, 31 2.j, 15, 31 16

30,350,905,123 144,051,885,153 28,731,035,737

51,296,613,605 92,125,899,144 35,974,634,424

2.g, 10 2.l, 17.a 18

7,713,915,167 44,525,324,944 222,630,378,744

9,303,117,069 22,143,397,355 213,343,020,493

19

25,198,429,000 503,201,873,868

14,627,772,279 438,814,454,369

NON-CURRENT LIABILITIES 19

2.o, 20

Jumlah Kewajiban EKUITAS Modal Saham - nilai nominal Rp 100 per saham Modal Dasar - 5.000.000.000 saham Modal Ditempatkan dan Disetor Penuh 2.750.000.000 saham dan 2.450.000.000 saham per 31 Desember 2006 dan 2005 Tambahan Modal Disetor Selisih Penilaian Kembali Aktiva Tetap Saldo Laba Jumlah Ekuitas

21 1.b, 2.n 2.h

JUMLAH KEWAJIBAN DAN EKUITAS

19,410,005,656 1,617,892,038

19,728,989,625 1,540,075,946

26,905,059,581 47,932,957,275

21,647,280,735 42,916,346,306

Long Term Liabilities Net of Current Portion Retention Payable Rental Deposits Estimated Liabilities on Employee Benefits Total Non-Current Liabilities

551,134,831,143

481,730,800,675

Total Liabilities

275,000,000,000 66,608,653,137 66,139,254 107,575,983,470 449,250,775,861

245,000,000,000 -66,139,254 63,784,347,210 308,850,486,464

STOCKHOLDERS' EQUITY Capital Stock - par value Rp 100 per share Authorized Capital - 5,000,000,000 shares Issued and Fully Paid 2,750,000,000 shares and 2,450,000,000 shares as of December 31, 2006 and 2005, respectively Additional Paid in Capital Property and Equipment Revaluation Reserve Retained Earnings Total Stockholders’ Equity

1,000,385,607,004

790,581,287,139

1


2


CURRENT LIABILITIES Accounts Payable Third Parties Advance from Customers Other Payables Company’s Portion on Loss of Joint Operation Tax Payables Accrued Expenses Current Portion of Long Term Liabilities Retention Payable Total Current Liabilities

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

-


R/061/2/03/07 PT TOTAL BANGUN PERSADA Tbk LAPORAN LABA RUGI Untuk Tahun-tahun yang Berakhir pada 31 Desember 2006 dan 2005 (Dalam Rupiah Penuh)

PT TOTAL BANGUN PERSADA Tbk STATEMENTS OF INCOME For the Years Ended December 31, 2006 and 2005 (In Full Rupiah)

Catatan/ Notes

2006 Rp

PENDAPATAN USAHA

2.k, 23

1,119,818,423,804

1,162,681,827,071

REVENUES

BEBAN KONTRAK

2.k, 24

966,951,273,061

1,046,430,353,226

CONTRACTS COST

152,867,150,743

116,251,473,845

GROSS PROFIT

25,088,044,023

1,416,100,501

INCOME FROM JOINT OPERATIONS

177,955,194,766

117,667,574,346

GROSS PROFIT AFTER INCOME FROM JOINT OPERATIONS

LABA KOTOR LABA PROYEK KERJASAMA OPERASI

10.b, 25

LABA KOTOR SETELAH PROYEK KERJASAMA OPERASI BEBAN USAHA Beban Umum dan Administrasi Jumlah Beban Usaha

2.k, 26

LABA USAHA PENDAPATAN LAIN-LAIN

2.k, 27

LABA SEBELUM PAJAK PENGHASILAN MANFAAT (BEBAN) PAJAK PENGHASILAN Pajak Kini Pajak Tangguhan Jumlah Beban Pajak Penghasilan

2.l, 17

LABA BERSIH LABA BERSIH PER SAHAM DASAR

2.r, 28

2005 Rp

44,719,784,202 44,719,784,202

OPERATING EXPENSES 37,790,691,084 General and Administrative Expenses 37,790,691,084 Total Operating Expenses

133,235,410,564

79,876,883,262

INCOME FROM OPERATIONS

9,658,339,800

6,173,334,071

OTHER INCOME

142,893,750,364

86,050,217,333

INCOME BEFORE INCOME TAX

(42,029,203,700) 1,398,155,383 (40,631,048,317)

(23,950,074,800) 20,199,398 (23,929,875,402)

INCOME TAX BENEFIT (EXPENSES) Current Deferred Total Income Tax Expenses

102,262,702,047

62,120,341,931

39.54


3

25.36

NET INCOME BASIC EARNINGS PER SHARE


R/061/2/03/07 PT TOTAL BANGUN PERSADA Tbk LAPORAN PERUBAHAN EKUITAS Untuk Tahun-tahun yang Berakhir pada 31 Desember 2006 dan 2005 (Dalam Rupiah Penuh)

PT TOTAL BANGUN PERSADA Tbk STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY For the Years Ended December 31, 2006 and 2005 (In Full Rupiah) Catatan/ Notes

SALDO PER 31 DESEMBER 2004 Selisih Penilaian Kembali Aktiva Tetap

2.h, 12

Modal Saham/ Capital Stocks

Tambahan Modal Disetor/ Additional Paid in Capital

Rp

Rp

Selisih Penilaian Kembali Aktiva Tetap/ Property and Equipment Revaluation Reserve Rp

Saldo Laba/ Retained Earnings

Jumlah Ekuitas/ Total Stockholders' Equity

Rp

Rp

11,500,000,000

--

66,139,254

160,286,103,989

171,852,243,243

BALANCE AS OF DECEMBER 31, 2004

--

--

74,877,901,290

--

74,877,901,290

Property and Equipment Revaluation Reserve

(74,877,901,290)

--

--

Capitalization of Property and Equipment Revaluation Reserve to Capital Stock

(158,622,098,710)

--

Issuance of Stock Dividend

Kapitalisasi Selisih Penilaian Kembali Aktiva Tetap Menjadi Modal Saham

21

74,877,901,290

--

Penerbitan Dividen Saham

22

158,622,098,710

--

--

--

--

62,120,341,931

62,120,341,931

Net Income

245,000,000,000

--

66,139,254

63,784,347,210

308,850,486,464


Laba Bersih SALDO PER 31 DESEMBER 2005 Penawaran Umum

1.b, 21

30,000,000,000

--

--

--

30,000,000,000

Initial Public Offering

Tambahan Modal Disetor

1.b, 2.n

--

66,608,653,137

--

--

66,608,653,137

Additional Paid in Capital

Dividen Tunai

22

--

--

--

(50,000,000,000)

(50,000,000,000)

Cash Dividend

Tantiem

22

--

--

--

(8,471,065,787)

(8,471,065,787)

Tantiem

--

--

--

102,262,702,047

102,262,702,047

Net Income

275,000,000,000

66,608,653,137

66,139,254

107,575,983,470

449,250,775,861


Laba Bersih SALDO PER 31 DESEMBER 2006


4


See Accompanying Notes to Financial Statements which are an integral part of these Financial Statements DRAFT For Discussion Purpose Only March 26, 2007 (11:23PM) To be Finalized Agreed by : Date :

R/061/2/03/07 PT TOTAL BANGUN PERSADA Tbk LAPORAN ARUS KAS Untuk Tahun-tahun yang Berakhir pada 31 Desember 2006 dan 2005 (Dalam Rupiah Penuh) Catatan/ Notes ARUS KAS DARI AKTIVITAS OPERASI Penerimaan dari Pelanggan dan Pihak Ketiga Pembayaran kepada Pihak Ketiga Penerimaan dari Pihak Hubungan Istimewa Pembayaran kepada Pihak Hubungan Istimewa Penerimaan Bunga Pembayaran kepada Karyawan Pembayaran Pajak Arus Kas Bersih Diperoleh dari Aktivitas Operasi ARUS KAS DARI AKTIVITAS INVESTASI Pencairan (Penempatan) Jaminan Penerimaan Dividen Pelepasan Penyertaan Penjualan Aktiva Tetap Pembelian Aktiva Tetap Arus Kas Bersih Diperoleh dari (Digunakan untuk) Aktivitas Investasi ARUS KAS DARI AKTIVITAS PENDANAAN Pembayaran Dividen Perolehan Dana Hasil Penawaran Umum Arus Kas Bersih Diperoleh dari Aktivitas Pendanaan KENAIKAN BERSIH KAS DAN SETARA KAS DAMPAK PERUBAHAN KURS TERHADAP KAS DAN SETARA KAS SALDO KAS DAN SETARA KAS AWAL TAHUN SALDO KAS DAN SETARA KAS AKHIR TAHUN

2.e, 3

Kas dan Setara Kas terdiri dari: Kas Bank Deposito Berjangka Jumlah

PT TOTAL BANGUN PERSADA Tbk STATEMENTS OF CASH FLOWS For the Years Ended December 31, 2006 and 2005 (In Full Rupiah) 2006 Rp

2005 Rp

1,104,423,943,983 (1,021,794,940,675)

974,495,868,673 (884,622,371,119)

1,451,405,024

6,160,572,894

(228,642,842) 7,021,333,546 (30,768,065,963) (47,582,156,145)

(6,061,977,360) 5,908,897,006 (19,098,788,899) (31,197,631,304)

12,522,876,928

45,584,569,891

(15,363,985,000) 5,984,000,000 3,069,024,129

3,171,336,630 -3,150,000,000

275,930,000 (1,808,290,595)

506,260,000 (5,755,166,705)

(7,843,321,466)

1,072,429,925

CASH FLOWS FROM OPERATING ACTIVITIES Cash Received from Customers and Third Parties Cash Paid to Third Parties Cash Received from Related Parties Cash Paid to Related Parties Interest Received Cash Paid to Employees Cash Paid for Taxes Net Cash Flows Provided from Operating Activities CASH FLOWS FROM INVESTING ACTIVITIES Withdrawal (Placement) of Guarantee Deposit Dividen Received Proceed from Sale of Investment Proceeds from Sale of Property and Equipment Acquisition of Property and Equipments Net Cash Flows Provided (Used for) from Investing Activities

(50,000,000,000) 96,608,653,137

---

46,608,653,137

--

CASH FLOWS FROM FINANCING ACTIVITIES Payment of Dividend Fund Received from Initial Public Offering Net Cash Flows Provided from Financing Activities

51,288,208,599

46,656,999,816

NET INCREASE IN CASH AND CASH EQUIVALENTS

(1,395,507,962)

1,006,169,564

EFFECT OF FLUCTUATION IN FOREIGN EXCHANGE RATES ON CASH AND CASH EQUIVALENTS

167,554,081,856

119,890,912,476

CASH AND CASH EQUIVALENTS AT BEGINNING OF THE YEARS

217,446,782,493

167,554,081,856

CASH AND CASH EQUIVALENTS AT END OF THE YEARS

4,341,893,894 38,159,550,315 174,945,338,284

3,102,820,964 48,435,467,648 116,015,793,244

Cash and Cash Equivalents consist of: Cash on Hand Cash in Banks Time Deposits

217,446,782,493

167,554,081,856


5

Total


R/061/2/03/07 PT TOTAL BANGUN PERSADA Tbk LAPORAN ARUS KAS (Lanjutan) Untuk Tahun-tahun yang Berakhir pada 31 Desember 2006 dan 2005 (Dalam Rupiah Penuh)

Catatan/ Note AKTIVITAS YANG TIDAK MEMPENGARUHI ARUS KAS Kapitalisasi Selisih Penilaian Kembali Aktiva Tetap Menjadi Modal Saham Penerbitan Dividen Saham

PT TOTAL BANGUN PERSADA Tbk STATEMENTS OF CASH FLOWS (Continued) For the Years Ended December 31, 2006 and 2005 (In Full Rupiah)

2006 Rp

2005 Rp

---


6


74,877,901,290 158,622,098,710

ACTIVITIES NOT AFFECTING CASH FLOWS Capitalization of Property and Equipments Revaluation Reserve to Capital Stock Issuance of Stock Dividend


PT TOTAL BANGUN PERSADA Tbk CATATAN ATAS LAPORAN KEUANGAN Untuk Tahun-tahun yang Berakhir pada 31 Desember 2006 dan 2005 (Dalam Rupiah Penuh)

PT TOTAL BANGUN PERSADA Tbk NOTES TO THE FINANCIAL STATEMENTS For the Years Ended December 31, 2006 and 2005 (In Full Rupiah)

1. Umum

1.

General

1.a. Pendirian Perusahaan PT Total Bangun Persada Tbk (Perusahaan) didirikan dengan nama PT Tjahja Rimba Kentjana tanggal 4 September 1970 berdasarkan akta No. 3 dari Henk Limanow (Liem Toeng Kie), notaris di Jakarta. Akta pendirian ini telah disahkan oleh Menteri Kehakiman Republik Indonesia dengan surat keputusan No. JA.5/38/18 tertanggal 27 Maret 1971 dan diumumkan dalam Berita Negara Republik Indonesia No. 43 tanggal 8 Mei 1971, tambahan No. 244. Berdasarkan akta No. 29 tanggal 24 Juli 1981 dari Hobropoerwanto, SH, notaris di Jakarta, nama Perusahaan berubah dari PT Tjahja Rimba Kentjana menjadi PT Total Bangun Persada. Perubahan tersebut telah disetujui oleh Menteri Kehakiman Republik Indonesia dengan surat keputusan No. Y.A.5/501/23 tanggal 4 Nopember 1981, dan diumumkan dalam Lembaran Berita Negara No. 34 tanggal 27 April 1982, tambahan No. 499.

1.a. The Company=s Establishment PT Total Bangun Persada Tbk (the Company) was established under the name of PT Tjahja Rimba Kentjana dated September 4, 1970 based on Deed No. 3 of Henk Limanow (Liem Toeng Kie), notary in Jakarta. The deed of establishment was approved by the Minister of Justice of the Republic of Indonesia in his decree No.JA.5/38/18 dated March 27, 1971 and was published in State Gazette of Republic of Indonesia No. 43 dated May 8, 1971, supplement No. 244. Based on deed No. 29 of Hobropoerwanto, SH, notary in Jakarta dated July 24, 1981, the Company=s name has been changed from PT Tjahja Rimba Kentjana to PT Total Bangun Persada, and was approved by the Minister of Justice of the Republic of Indonesia in his decree No. Y.A.5/501/23 dated November 4, 1981, and was published in State Gazette No. 34, dated April 27, 1982 supplement No. 499.

Anggaran dasar Perusahaan telah mengalami beberapa kali perubahan, terakhir berdasarkan akta notaris No. 48 dari Haryanto, SH, notaris di Jakarta tanggal 20 April 2006 mengenai perubahan nama menjadi PT. Total Bangun Persada Tbk, perubahan modal dasar, modal ditempatkan dan disetor penuh Perusahaan. Perubahan ini telah disetujui oleh Menteri Hukum dan Hak Asasi Manusia Republik Indonesia No. C-13524.HT.01.04.TH.2006 tanggal 10 Mei 2006.

The Company=s articles of association has been amended several times, most recently by notarial deed No. 48 of Haryanto, SH, notary in Jakarta, dated April 20, 2006 concerning the amendment of the Company= s name to be PT. Total Bangun Persada Tbk, authorized, issued and paid in capital. The changes have been approved by the Minister of Justice and Human Rights of the Republic of Indonesia in his decree No. C-13524.HT.01.04.TH.2006 dated May 10, 2006.

Kegiatan utama Perusahaan adalah dalam bidang konstruksi dan kegiatan lain yang berkaitan dengan bidang usaha tersebut. Perusahaan berkedudukan di Jl. Letjen S. Parman Kav. 106, Tomang, Jakarta Barat.

The Company =s scope of activities is primary engaged in construction and other related services. The Company is domiciled at Jl. Letjen. S. Parman, Kav. 106, Tomang, West Jakarta.

Perusahaan memulai kegiatan usaha komersialnya pada tahun 1970.

The Company started its commercial operations in 1970.

1.b. Penawaran Umum Pada tanggal 18 Mei 2006, melalui Surat Pengantar Pernyataan Pendaftaran No. 376/U.181/V/2006, Perusahaan telah menawarkan sahamnya kepada masyarakat melalui pasar modal sejumlah 300.000.000 saham dengan nilai nominal Rp 100 per saham dengan harga penawaran Rp 345 per saham. Pada tanggal 18 Juli 2006, berdasarkan surat ketua Bapepam & LK No. S-/018/BL/2006, Perusahaan telah memperoleh Surat Pemberitahuan Efektif Pernyataan Penawaran. Selisih lebih jumlah yang diterima dari pengeluaran saham terhadap nilai nominalnya sebesar Rp 73.500.000.000 dicatat dalam akun “Tambahan Modal Disetor” setelah dikurangi total biaya emisi saham sebesar Rp 6.891.346.863.

1.b. Initial Public Offering On May 18, 2006, based on Statement of Registration Letter No. 376/U.181/V/2006, the Company has conducted the initial public offering of 300,000,000 shares with par value of Rp 100 per share with offering price of Rp 345 per share through capital market. Based on letter from Chairman of Bapepam & LK No. S/018/BL/2006 dated July 18, 2006, the registration statement became effective. The excess amount received from the issuance of stock than its nominal value amounting to Rp 73,500,000,000 is recorded in the “Additional Paid in Capital” account, after deducted by total stock issuance cost of Rp 6,891,346,863.

7

FINAL DRAFT For Discussion Purpose Only March 26, 2007 (11:22PM) To be Finalized Agreed by : Date :

PT TOTAL BANGUN PERSADA Tbk CATATAN ATAS LAPORAN KEUANGAN (Lanjutan) Untuk Tahun-tahun yang Berakhir pada 31 Desember 2006 dan 2005 (Dalam Rupiah Penuh)

PT TOTAL BANGUN PERSADA Tbk NOTES TO THE FINANCIAL STATEMENTS (Continued) For the Years Ended December 31, 2006 and 2005 (In Full Rupiah)

Pada tanggal 25 Juli 2006, seluruh saham Perusahaan telah tercatat pada Bursa Efek Jakarta.

On July 25, 2006, all the Company’s share has been listed at Jakarta Stock Exchange. 1.c. Board of Commissioners, Directors and Employees The composition of the Company board of comissioners and directors as of Dec 31, 2006 and 2005 is as follows:

1.c. Dewan Komisaris, Direksi dan Karyawan Susunan anggota dewan komisaris dan direksi Perusahaan pada tanggal 31 Desember 2006 dan 2005 adalah sebagai berikut:

Board of Commissioners Ir. Komajaya : President Commissioner Ir. Djadjang Tanuwidjaja, MSc : Commissioners Liliana Komadjaja MBA Drs. Wibowo Pinarto Sutanto -- : Independent Commissioners ---

Dewan Komisaris Komisaris Utama Komisaris

2006 : Ir. Komajaya : Ir. Djadjang Tanuwidjaja, MSc Liliana Komadjaja MBA Drs. Wibowo Pinarto Sutanto Komisaris Independen : Michael Vincentius Haribowo S. Drs. Paulus Abdi Setiawan MSc Drs. H. Mustofa Ak. Dewan Direksi Direktur Utama Direktur

2005

: Ir. Reyno Stephanus Adhiputranto : Ir. Soeyono Arif Suhartojo Ir. Kosasih Indrijanto Ir. Hindrawati Tjahjani Janti Komadjaja, MSc Rudi Suryajaya Komajaya, MSc, MBA

Jumlah gaji dan tunjangan direksi dan komisaris Perusahaan masing-masing sebesar Rp 13.924.614.401 dan Rp 5.277.741.117 untuk tahun-tahun yang berakhir pada 31 Desember 2006, dan 2005.

As of December 31, 2006 and 2005, the Company had 783 and 769 employees, respectively (unaudited).

2.

Ikhtisar Kebijakan Akuntansi

Summary of Significant Accounting Policies

2.a. The Basis of Measurement and Preparation of the Financial Statements The financial statements are prepared in accordance with accounting principles generally accepted in Indonesia, consisting of among others, the Statements of Financial Accounting Standards (SFAS) established by the Indonesian Institute of Accountants and the Capital Market Supervisory Board (Bapepam) Regulation No. VIII.G.7 (Revised 2000) regarding the Guidelines for Presentations and Disclosure of Financial Statements for Public Listed Company Engage in Construction Industry .

2.a. Dasar Pengukuran dan Penyusunan Laporan .Keuangan Laporan keuangan ini disajikan sesuai dengan prinsip akuntansi yang berlaku umum di Indonesia yang antara lain Pernyataan Standar Akuntansi Keuangan (PSAK) yang ditetapkan oleh Ikatan Akuntan Indonesia, Peraturan Badan Pengawas Pasar Modal (Bapepam) No. VIII.G.7 (Revisi 2000) tentang APedoman Penyajian Laporan Keuangan@ dan Pedoman Penyajian dan Pengungkapan Laporan Keuangan Emiten atau Perusahaan Publik Industri Konstruksi yang dikeluarkan oleh Bapepam.

8


Board of Directors President Director Directors

The remuneration paid to the commissioners and directors is amounting to Rp 13,924,614,401 and Rp 5,277,741,117, for the years ended December 31, 2006 and 2005, respectively.

Jumlah karyawan pada tanggal 31 Desember 2006 dan 2005 masing-masing sebanyak 783 karyawan dan 769 karyawan, (tidak diaudit). 2.

Ir. Reyno Stephanus: Adhiputranto : Ir. Soeyono : Arif Suhartojo Ir. Kosasih Indrijanto Ir. Hindrawati Tjahjani Janti Komadjaja, MSc Rudi Suryajaya Komajaya, MSc, MBA .....




Dasar pengukuran dalam penyusunan laporan keuangan adalah konsep biaya perolehan (historical cost), kecuali beberapa akun tertentu disusun berdasarkan pengukuran lain sebagaimana diuraikan dalam kebijakan akuntansi masing-masing akun tersebut. Laporan keuangan disusun dengan metode akrual kecuali laporan arus kas.

The basis of measurement in the preparation of this financial statements is historical cost method, except for several certain accounts which are prepared on the basis of other measurement as explained in the accounting policies applied for those accounts. The financial statements are prepared using the accrual method, except for statements of cash flows.

Laporan arus kas disajikan dengan metode langsung (direct method) dengan mengelompokkan arus kas dalam aktivitas menjadi kegiatan operasi, investasi dan pendanaan.

The statements of cash flows are prepared using direct method by classifying cash flow into operating, investing and financing activities.

Mata uang pelaporan yang digunakan dalam penyusunan laporan keuangan ini adalah Rupiah (Rp).

The reporting currency used in the preparation of these financial statements is Indonesian Rupiah (Rp).

2.b. Setara Kas Setara kas meliputi deposito jangka pendek yang jangka waktunya sama dengan atau kurang dari 3 (tiga) bulan sejak tanggal penempatannya dan tidak dijaminkan.

2.b. Cash Equivalents Cash equivalents consist of short term time deposits with maturity less than 3 (three)months since the date of placement and not collateralized.

2.c. Penyisihan Piutang Ragu-ragu Penyisihan piutang ragu-ragu ditentukan berdasarkan hasil penelaahan yang mendalam terhadap keadaan masing-masing debitur pada akhir tahun. Saldo piutang dihapuskan melalui penyisihan piutang ragu-ragu yang bersangkutan atau langsung dihapuskan dari akun tersebut pada saat manajemen berkeyakinan penuh bahwa piutang tersebut tidak dapat ditagih.

2.c. Allowance for Doubtful Accounts Allowance for doubtful accounts is provided based on a review of the condition of each debtor at the end of the year. The outstanding receivables are written-off against the respective allowance for doubtful accounts or directly from the account at the time management believes that these receivables are determined to be definitely uncollectible.

2.d. Piutang Retensi Piutang retensi dicatat pada saat penerimaan atas tagihan termin yang ditahan oleh pemberi kerja sebesar persentase yang telah ditetapkan dalam kontrak sampai dengan masa pemeliharaan.

2.d. Retention Receivable Retention receivable is recognized when certain percentage amount of the progress billing is held by the owner as stated specifically in the contract until the maintenance period.

2.e. Tagihan Bruto kepada Pemberi Kerja Tagihan bruto kepada pemberi kerja merupakan piutang Perusahaan yang berasal dari pekerjaan kontrak konstruksi yang dilakukan untuk pemberi kerja namun pekerjaan yang dilakukan masih dalam pelaksanaan. Tagihan bruto disajikan sebesar selisih antara biaya yang terjadi, ditambah laba yang diakui, dikurangi dengan jumlah kerugian yang diakui dan termin.

2.e. Gross Amount Due From Customers Gross amount due from customers represents the Company=s receivable originated from construction contracts in progess. Gross amount due from customers is presented as the net amount of costs incurred plus recognized profits, less the sum of recognized losses and progress billings

Tagihan bruto diakui sebagai pendapatan sesuai dengan metode persentase penyelesaian yang dinyatakan dalam berita acara penyelesaian pekerjaan yang belum diterbitkan faktur karena perbedaan antara tanggal berita acara progress fisik dengan pengajuan penagihan pada tanggal neraca.

Gross amount due from customers is recognized as revenue based on the percentage of completion method which is stated on the certificate of work completion, while the invoice is still unbilled due to the difference of timing between the signing date of the certificate and the date of invoice billed on balance sheet date.

9




2.f. Biaya Dibayar di Muka Biaya dibayar di muka dibebankan pada laba rugi tahun berjalan sesuai masa manfaat masing-masing biaya dengan menggunakan metode garis lurus (straight-line method).

2.f. Prepaid Expenses Prepaid expenses are amortized over their beneficial periods by using the straight-line method.

2.g. Investasi Deposito berjangka yang digunakan sebagai jaminan dinyatakan sebesar nilai nominal.

2.g. Investments Time deposits which are used as collateral are carried at face value.

Investasi dalam bentuk saham dengan pemilikan kurang dari 20% dan harga pasarnya tidak tersedia dinyatakan sebesar biaya perolehan sedangkan investasi dalam bentuk saham dimana Perusahaan secara langsung atau tidak langsung mempunyai kepemilikan saham 20% sampai 50% dicatat dengan menggunakan metode ekuitas, dimana biaya perolehan dari penyertaan ditambah atau dikurangi dengan bagian atas laba atau rugi bersih perusahaan asosiasi sejak tanggal perolehan serta dikurangi dengan pendapatan dividen.

Investments in shares of stock wherein the Company has an ownership interest of less than 20% and its market value is readily not determinable are stated at cost, while investments in shares of stock wherein the Company has ownership interest at least 20% but not exceeding 50% is accounted under the equity method. Under this method, the investments are initially stated at cost, and the carrying amount is increased or decreased to recognize share of profits or losses after the date of acquisition and reduced by dividend income

Penyertaan pada badan usaha dalam bentuk kerjasama operasi/konsorsium dicatat dengan metode ekuitas karena kontribusi permodalan tidak memberikan pengaruh terhadap kendali proyek kerja sama (lihat Catatan 10.b).

Investment in form of joint operation/consortium is accounted for under the equity method, since the Company=s contribution shares do not have significant control over the projects (see Note 10.b).

2.h. Aktiva Tetap Aktiva tetap, kecuali aktiva tetap tertentu yang dinilai kembali, dinyatakan sebesar biaya perolehan setelah dikurangi dengan akumulasi penyusutannya. Aktiva tetap disusutkan dengan menggunakan metode saldo menurun ganda (double declining balance method) kecuali untuk gedung menggunakan metode garis lurus (straight-line method), berdasarkan taksiran manfaat ekonomis aktiva tetap sebagai berikut:

2.h. Property and Equipment Property and equipment, except for certain revalued assets are carried at cost less their accumulated depreciation. Property and equipment is depreciated using double declining method except for building using straight-line method, based on the estimated useful lives of the assets, as follows:

Tarif Penyusutan/ Depreciation Rate Kendaraan Bermotor Peralatan Kantor Peralatan Proyek Gedung

25% - 50% 25% - 50% 25% 5%

Tanah tidak disusutkan.

Land is not depreciated

Biaya perbaikan dan perawatan dibebankan pada laporan laba rugi pada saat terjadinya biaya-biaya tersebut. Sedangkan biaya-biaya yang berjumlah besar dan sifatnya meningkatkan kondisi aktiva secara signifikan dikapitalisasi. Apabila suatu aktiva tetap ditarik/dihapuskan atau dijual, nilai tercatat dan akumulasi penyusutan aktiva tersebut dikeluarkan dari pencatatannya sebagai aktiva tetap dan keuntungan atau kerugian yang terjadi diperhitungkan dalam laporan laba rugi tahun bersangkutan.

Cost of repairs and maintenance is charged to statements of income as incurred, significant renewals and betterments are capitalized. When assets are retired or otherwise disposed of, the cost and the related accumulated depreciation are removed from the respective accounts and any resulting gain or loss is credited or charged to current operations.

10


Vehicles Office Equipments Project Equipments Building




Penilaian kembali aktiva tetap dilakukan berdasarkan ketentuan pemerintah. Selisih penilaian kembali aktiva tetap disajikan pada akun ”Selisih Penilaian Kembali Aktiva Tetap” sebagai komponen ekuitas dalam neraca.

Revaluated property and equipment is determined based on government regulation. The property and equipment revaluation reserve is presented in A property and Equipment Revaluation Reserve @ account as a component of stockholders’ equity.

Aktiva tetap yang tidak digunakan disajikan dalam aktiva lain-lain dan dinilai berdasarkan nilai terendah antara nilai tercatat dengan nilai realisasi bersih.

Unutilized property and equipment are presented as a component of other assets and valued based on the lower of its carrying amount or net realizable value.

2.i. Penurunan Nilai Aktiva Jumlah aktiva yang dapat diperoleh kembali seharusnya diestimasi pada saat kejadian-kejadian atau perubahanperubahan keadaan mengindikasikan bahwa nilai tercatatnya mungkin tidak dapat diperoleh kembali. Penurunan nilai aktiva diakui sebagai rugi pada laporan laba rugi, sesuai dengan ketentuan PSAK No. 48 tentang Apenurunan Nilai Aktiva@.

2.i. Impairment in Assets Value Recoverability of assets value shall be estimated whenever events and changes of circumstances indicating that the carrying value may not be recoverable. Impairment in asset value is recognized as loss in the statements of income, in accordance with SFAS No. 48 concerning Aimpairment in Asset Value@ .

2.j. Transaksi dan Saldo dalam Mata Uang Asing Transaksi-transaksi dalam mata uang asing dijabarkan dalam mata uang Rupiah dengan menggunakan kurs yang berlaku pada saat transaksi dilakukan. Pada tanggal neraca, aktiva dan kewajiban moneter dalam mata uang asing dijabarkan dalam mata uang Rupiah dengan mempergunakan kurs tengah wesel ekspor Bank Indonesia yang berlaku pada tanggal tersebut. Keuntungan atau kerugian yang timbul sebagai akibat dari penjabaran aktiva dan kewajiban dalam mata uang asing dicatat sebagai laba atau rugi pada tahun yang bersangkutan. Kurs tengah Bank Indonesia per 31 Desember 2006 dan 2005, adalah sebagai berikut:

2.l. Foreign Currencies Transactions and Balances Transactions involving foreign currencies are recorded in Rupiah amounts at the rates of exchange prevailing at the time the transactions are made. At balance sheet date, monetary assets and liabilities denominated in foreign currencies are adjusted to Rupiah to reflect the prevailing rates of exchange as published by Bank Indonesia. Any resulting gains or losses are charged to current year statements of income. The Bank Indonesia middle rates of exchange as of December 31, 2006 dan 2005 are as follows:

2006 Rp 1 EUR 1 USD 1 SGD 100 JPY

2005 Rp

11,858.15 9,020.00 5,878.73 7,579.53

1 EUR 1 USD 1 SGD 100 JPY

2.k. Revenues and Expenses Recognition Revenues from construction services are recognized using the percentage of completion method, and accounted based on its physical work progress.

2.k. Pengakuan Pendapatan dan Beban Pendapatan jasa konstruksi diakui dengan menggunakan metode persentase penyelesaian (percentage of completion method) yang diukur berdasarkan kemajuan fisik. Pendapatan sewa diakui sebagai berdasarkan periode masa sewa.

11,659.87 9,830.00 5,906.57 --

pendapatan

Rental revenues are recognized as revenues based on the respective rental periods.

Beban diakui pada saat terjadinya (accrual basis).

Expenses are recognized when incurred (accrual basis).

11




2.l. Pajak Penghasilan Seluruh perbedaan temporer antara jumlah tercatat aktiva dan kewajiban dengan dasar pengenaan pajaknya diakui sebagai pajak tangguhan dengan metode kewajiban. Besarnya pajak tangguhan ditentukan dengan tarif pajak yang berlaku.

2.l. Income Tax All temporary differences arising between tax bases of assets and liabilities and their carrying value are recognized as deferred tax using the liability method. Currently enacted tax rates are used to determine deferred income tax.

Saldo rugi fiskal yang dapat dikompensasi diakui sebagai aktiva pajak tangguhan apabila besar kemungkinan bahwa laba fiskal di masa mendatang akan memadai untuk dikompensasi. Koreksi terhadap kewajiban perpajakan diakui saat surat ketetapan pajak diterima atau jika mengajukan keberatan, pada saat keputusan atas keberatan tersebut ditetapkan.

Deferred tax assets relating to carryforward unused tax losses are recognized to the extent that it is probable the future taxable profit will be available against which the unused tax losses can be utilized. Amendments to tax obligations are recorded when an assessment is received or, if appealed against, when the results of the appeal are determined.

Pajak kini diakui berdasarkan laba kena pajak untuk tahun yang bersangkutan, sesuai dengan peraturan perpajakan yang berlaku.

Current tax is recognized based on taxable income for the year, in accordance with current tax regulations. 2.m. Transaction with Related Parties

2.m. Transaksi dengan Pihak yang Mempunyai Hubungan Istimewa Perusahaan mempunyai transaksi dengan pihak-pihak yang mempunyai hubungan istimewa. Definisi pihakpihak yang mempunyai hubungan istimewa yang dipakai adalah sesuai dengan yang diatur dalam PSAK No. 7 APengungkapan Pihak-pihak yang Mempunyai Hubungan Istimewa@.

The Company have transactions with related parties. Definition of related parties is in accordance with SFAS No. 7 concerning @ Related Party Disclosure@ .

Seluruh transaksi dengan pihak hubungan istimewa baik yang dilakukan dengan atau tidak dengan syarat dan kondisi normal, sebagaimana dilakukan dengan pihak yang tidak mempunyai hubungan istimewa, telah diungkapkan pada laporan keuangan.

All transactions with related parties whether or not conducted at terms and conditions similar to those with third parties are disclosed in the financial statements.

2.n. Biaya Emisi Saham Efektif tanggal 1 Januari 2000, berdasarkan Surat Keputusan Badan Pengawas Pasar Modal (Bapepam) No. Kep-06/PM/2000 tanggal 13 Maret 2000, biaya emisi saham dicatat sebagai pengurang modal disetor dan disajikan sebagai bagian dari ekuitas dalam akun ATambahan Modal Disetor@.

2.n. Stock Issuance Cost Effective on January 1, 2000, based on the Capital Market Supervisory Board Regulation No. Kep06/PM/2000 dated March 13, 2000, the stock issuance cost is recorded as a deduction of additional paid in capital and presented as part of stockholders’ equity under A Additional Paid in Capital@ account.

2.o. Imbalan Kerja Perusahaan menghitung Imbalan Kerja berdasarkan PSAK No. 24 (Revisi 2004) tentang AImbalan Kerja@.

2.o. Employee Benefits The Company calculates employee benefits in accordance with SFAS No. 24 (2004 Revised) concerning A Employee Benefits@ .

Imbalan kerja jangka pendek diakui sebesar jumlah tak terdiskonto ketika pekerja telah memberikan jasanya kepada perusahaan dalam suatu periode akuntansi.

Short-term employee benefits are recognized at undiscounted amount when an employee has rendered service to the Company during an accounting period.

12





Imbalan pasca kerja diakui sebesar jumlah yang diukur dengan menggunakan dasar diskonto ketika pekerja telah memberikan jasanya kepada perusahaan dalam suatu periode akuntansi. Kewajiban dan beban diukur dengan menggunakan teknik akutaria yang mencakup pula kewajiban konstruktif yang timbul dari praktik kebiasaan perusahaan. Dalam perhitungan kewajiban, imbalan harus didiskontokan dengan menggunakan metode projected unit credit.

Post-employment benefits are recognized at a discounted amount when an employee has rendered service to the Company during an accounting period. Liabilities and expenses are measured using actuarial techniques which include constructive obligation that arises from the Company =s informal practices. In calculating the liabilities, benefits should be discounted by using projected unit credit method.

Pesangon pemutusan kontrak kerja diakui jika, dan hanya jika, perusahaan berkomitmen untuk: (a) memberhentikan seorang atau sekelompok pekerja sebelum tanggal pensiun normal; atau

Termination benefits are recognized when, and only when, the Company is demonstrably committed to either: (a) terminate an employee or group of employees before the normal retirement date; or

(b) menyediakan pesangon bagi pekerja yang menerima penawaran mengundurkan diri secara sukarela.

(b) provide termination benefits as a result of an offer made in order to encourage voluntary redundancy

2.p. Penggunaan Estimasi Penyusunan laporan keuangan berdasarkan prinsip akuntansi yang berlaku umum mengharuskan manajemen untuk membuat estimasi dan asumsi yang mempengaruhi jumlah yang dilaporkan dalam laporan keuangan. Karena adanya ketidakpastian yang melekat dalam penetapan estimasi, maka jumlah sesungguhnya yang akan dilaporkan di masa mendatang mungkin berbeda dari jumlah yang diestimasi tersebut.

2.p. Use of Estimates The preparation of the financial statements is in accordance with accounting principles generally accepted in Indonesia, which requires the management to make estimates and assumptions that affect the reported amounts in the financial statements. Due to inherent uncertainty in the estimation determination, the actual amount of assets, liabilities, revenues and expenses reported in the future might possibly be different from these estimates.

2.q. Informasi Segmen Informasi segmen disusun sesuai dengan kebijakan akuntansi yang dianut dalam penyajian laporan keuangan.

2.q. Segment Information Segment information is prepared in accordance with accounting policies which presented on the financial statements.

2.r. Laba Per Saham Dasar Laba per saham dasar dihitung dengan membagi laba bersih dengan rata-rata tertimbang saham biasa yang beredar dalam tahun yang bersangkutan (lihat Catatan 28).

2.r. Basic Earnings Per Share Basic earnings per share is computed by dividing residual net income by the weighted average number of common stocks outstanding during the year (see Note 28).

13




3. Kas dan Setara Kas

3. 2006 Rp

Kas Bank Rupiah PT Bank Central Asia Tbk PT Bank Danamon Indonesia Tbk PT Bank Lippo Tbk PT Bank Mandiri (Persero) Tbk PT Bank Pembangunan Daerah Kalimantan Timur PT Bank Pan Indonesia Tbk PT Bank Bukopin Tbk PT Bank Mega Tbk The Hongkong and Shanghai Banking Corporation PT Bank Niaga Tbk PT Bank Multicor Sub Jumlah US Dolar PT Bank Central Asia Tbk (2006: USD 94,740.45; 2005: USD 111,689.37) PT Bank Mega Tbk (2006: USD 56,727.52; 2005: USD 89,775.7) PT Bank Niaga Tbk (2006: USD 11,247.92; 2005: USD 11,308.13) ABN - AMRO Bank (2006: USD 3,593.19; 2005: USD 3,593.19) Sub Jumlah SGD PT Bank Central Asia Tbk (2006: SGD 11,424.88; 2005: SGD 25,340.98) ABN - AMRO Bank (2006: SGD 4,149.12; 2005: SGD 1,573.24) Sub Jumlah Jumlah Bank

2005 Rp

4,341,893,894

3,102,820,964

18,542,355,760 9,027,703,795 3,497,296,403 3,248,635,237

15,252,393,785 4,920,527,190 4,383,952,158 23,150,632

694,598,818 661,201,438 398,380,594 285,467,634

20,924,907,618 84,925,866 10,656,721 193,491,180

132,477,250 69,483,902 10,286,243 36,567,887,074

133,681,250 211,649,599 10,278,523 46,149,614,522

854,558,859

1,097,906,507

511,682,230

882,495,918

101,456,239

111,158,918

32,410,573 1,500,107,901

35,321,058 2,126,882,401

Cash on Hand Cash in Banks Rupiah PT Bank Central Asia Tbk PT Bank Danamon Indonesia Tbk PT Bank Lippo Tbk PT Bank Mandiri (Persero) Tbk PT Bank Pembangunan Daerah Kalimantan Timur PT Bank Pan Indonesia Tbk PT Bank Bukopin Tbk PT Bank Mega Tbk The Hongkong and Shanghai Banking Corporation PT Bank Niaga Tbk PT Bank Multicor Sub Total US Dollar PT Bank Central Asia Tbk (2006: USD 94,740.45; 2005: USD 111,689.37) PT Bank Mega Tbk (2006: USD 56,727.52; 2005: USD 89,775.7) PT Bank Niaga Tbk (2006: USD 11,247.92; 2005: USD 11,308.13) ABN - AMRO Bank (2006: USD 3,593.19; 2005: USD 3,593.19) Sub Total

67,163,784

149,678,273

24,391,556 91,555,340

9,292,452 158,970,725

SGD PT Bank Central Asia Tbk (2006: SGD 11,424.88; 2005: SGD 25,340.98) ABN - AMRO Bank (2006: SGD 4,149.12; 2005: SGD 1,573.24) Sub Total

38,159,550,315

48,435,467,648

Total Cash In Banks

14


Cash and Cash Equivalents




2006 Rp Deposito Berjangka Rupiah PT Bank Danamon Indonesia Tbk PT Bank Mega Tbk PT Bank Central Asia Tbk PT Bank Bukopin Tbk PT Bank Lippo Tbk PT Bank Mandiri (Persero) Tbk PT Bank Niaga Tbk Sub Jumlah US Dolar PT Bank Central Asia Tbk (2006: USD 600,000; 2005: USD 1,604,000) PT Bank Mandiri (Persero) Tbk 2005: USD 184,432.68) PT Bank Mega Tbk (2006: USD 500,000; 2005: USD 350,000) ABN - Amro Bank (2006: USD 456,024.20) Sub Jumlah Jumlah Deposito Berjangka Jumlah Kas dan Setara Kas Tingkat Bunga Deposito Berjangka per Tahun Rupiah US Dolar Jangka Waktu Deposito Berjangka

2005 Rp

42,000,000,000 34,500,000,000 26,410,000,000 25,000,000,000 20,000,000,000 13,000,000,000 -160,910,000,000

16,000,000,000 19,750,000,000 18,410,000,000 5,000,000,000 13,000,000,000 4,835,000,000 18,000,000,000 94,995,000,000

15,767,320,000

--

1,812,973,244

4,510,000,000

3,440,500,000

4,113,338,284 14,035,338,284

-21,020,793,244

174,945,338,284

116,015,793,244

217,446,782,493

167,554,081,856

Total Cash and Cash Equivalents

7,5% - 10,75% 3,5% - 5% 1 Bulan/Month

9% - 13% 3,50% - 4,25% 1 Bulan/Month

Annual Interest Rates on Time Deposits Rupiah US Dollar Maturity Period of Time Deposits

Total Time Deposits

4. Accounts Receivable 2006 Rp

Dikurangi: Penyisihan Piutang Ragu-ragu

US Dollar PT Bank Central Asia Tbk (2006: USD 600,000; 2005: USD 1,604,000) PT Bank Mandiri (Persero) Tbk 2005: USD 184,432.68) PT Bank Mega Tbk (2006: USD 500,000; (2005: USD 350,000) ABN - Amro Bank (2006: USD 456,024.20) Sub Total

5,412,000,000

4. Piutang Usaha

Terdiri dari: Jasa Konstruksi Usaha Kerjasama

Time Deposits Rupiah PT Bank Danamon Indonesia Tbk PT Bank Mega Tbk PT Bank Central Asia Tbk PT Bank Bukopin Tbk PT Bank Lippo Tbk PT Bank Mandiri (Persero) Tbk PT Bank Niaga Tbk Sub Total

2005 Rp

182,858,552,433 15,602,393,578 198,460,946,011 (21,042,899,581) 177,418,046,430

15

121,911,752,629 15,891,453,483 137,803,206,112 (21,167,942,691) 116,635,263,421

Consists of: Construction Services Joint Operations Less: Allowance for Doubtful Accounts




2006 Rp Pihak Hubungan Istimewa Operasi Bersama Proyek Mediterania Garden Proyek ITC Cempaka Mas Proyek Pakubuwono Residences Proyek Bellagio Mansion PT Vetra Total Teknik Sub Jumlah Pihak Ketiga Panitia Pembangunan Islamic Center PT Graha Tunas Mekar Yayasan Kasih Mulia BKS Mutiara Buana PT Solo Indah Dinamika PT Pranadhipa Persada PT Inti Fauzi Corpora PT Prabu Budi Mulia PT Indosari Murni PT Inti Karya Megah Regent JO BKS Pasar Pagi ITC MG 2 PT Wahana Andamari PT Musi Lestari I.M PT Indoprima Mikroselindo PT Indo Nakaya Abadi Spinning Mill PT Televisi Transformasi Indonesia PT Bank Mega Tbk PT Gading Pluit JM PT Bumi Serpong Damai Proyek Nirwana Garden Resort PT Jakarta Intiland Proyek Nissan PT Matra Olahcipta PT Bahari Brothers Lain-lain (masing-masing dibawah Rp 1 miliar) Dikurangi: Penyisihan Piutang Ragu-ragu Jumlah Piutang Pihak Ketiga - Bersih Jumlah - Bersih

2005 Rp

13,264,374,514 1,803,564,095 534,454,969 --15,602,393,578

12,169,355,913 1,035,205,881 2,683,342,649 3,549,040 9,753,777 15,901,207,260

106,455,750,177 21,919,368,430 15,877,532,653 4,683,886,192 4,299,378,438 3,462,334,000 3,155,866,020 3,136,187,560 3,000,000,000 2,940,000,000 1,618,499,600 1,568,677,083 1,557,098,246 1,364,506,545 1,323,128,670 869,809,283 550,000,000 435,415,670 383,636,000 ------4,257,477,865 182,858,552,433 (21,042,899,581) 161,815,652,852 177,418,046,430

-16,323,875,298 21,534,150,700 -21,739,155,000 3,462,334,000 3,287,692,913 3,136,187,560 3,000,000,000 -1,618,499,600 ----1,181,819,402 2,654,744,835 7,064,608,151 2,658,780,000 12,631,318,750 3,931,351,752 1,319,065,455 1,816,291,324 4,265,682,603 1,583,700,000 8,692,741,509 121,901,998,852 (21,167,942,691) 100,734,056,161 116,635,263,421

Rincian umur piutang dihitung sejak tanggal faktur adalah sebagai berikut:

Less: Allowance for Doubtful Accounts Total Receivable Third Parties - Net Total - Net

2005 Rp

126,727,076,059 16,052,965,419 4,687,852,570 5,911,392,669 45,081,659,294 198,460,946,011 16


Third Parties Panitia Pembangunan Islamic Center PT Graha Tunas Mekar Yayasan Kasih Mulia BKS Mutiara Buana PT Solo Indah Dinamika PT Pranadhipa Persada PT Inti Fauzi Corpora PT Prabu Budi Mulia PT Indosari Murni PT Inti Karya Megah Regent JO BKS Pasar Pagi ITC MG 2 PT Wahana Andamari PT Musi Lestari I.M PT Indoprima Mikroselindo PT Indo Nakaya Abadi Spinning Mill PT Televisi Transformasi Indonesia PT Bank Mega Tbk PT Gading Pluit JM PT Bumi Serpong Damai Proyek Nirwana Garden Resort PT Jakarta Intiland Proyek Nissan PT Matra Olahcipta PT Bahari Brothers Others (each below Rp 1 billion)

Aging schedule of accounts receivable since invoice date are as follows:

2006 Rp Sampai dengan 1 bulan > 1 bulan - 3 bulan > 3 bulan - 6 bulan > 6 bulan - 1 tahun > 1 tahun Jumlah

Related Parties Joint Operations Mediterania Garden Project ITC Cempaka Mas Project Pakubuwono Residences Project Proyek Bellagio Mansion PT Vetra Total Teknik Sub Total

38,473,452,611 32,027,144,257 20,923,127,527 4,104,646,639 42,274,835,078 137,803,206,112

Up to 1 month > 1 - 3 months > 3 - 6 months > 6 months - 1 year > 1 year Total FINAL DRAFT For Discussion Purpose Only March 26, 2007 (11:22PM) To be Finalized Agreed by : Date :



Mutasi penyisihan piutang ragu-ragu adalah sebagai berikut:

The mutation in the allowance for doubtful account is as follows:

2006 Rp Saldo Awal Periode Penambahan Selama Tahun Berjalan Penghapusan/ Pemulihan Selama Tahun Berjalan Saldo Akhir

2005 Rp

21,167,942,691 1,575,552,979 (1,700,596,089) 21,042,899,581

24,517,448,243 4,070,003,897 (7,419,509,449) 21,167,942,691

Beginning Balance Addition During the Year Written off/Recovery During the Year Ending Balance

Pada tahun 2005, Perusahaan telah menghapuskan piutang usaha dan penyisihan piutang ragu-ragu PT Indah Pesona Bogor sebesar Rp 7.419.509.449.

In 2005, the Company has written off the account receivable and related allowance for doubtful accounts of PT Indah Pesona Bogor amounting to Rp 7,419,509,449.

Manajemen berpendapat bahwa penyisihan piutang raguragu atas piutang retensi adalah cukup untuk menutupi kerugian yang mungkin timbul atas tidak tertagihnya piutang tersebut.

Management believes that the allowance for doubtful account is adequate to cover the possibility of uncollectible accounts receivable.

5. Piutang Retensi

5. Retention Receivable

Rincian atas piutang retensi adalah sebagai berikut:

Details of retention receivable are as follows:

2006 Rp PT Graha Tunas Mekar Panitia Pembangunan Islamic Center PT Bumi Serpong Damai PT Wiranusa GT PT Lubuk Sumber Jaya PT Prabu Budi Mulia PT Musi Lestari I M PT Menara Prambanan Pemerintah Kabupaten Pasir BKS Pasar Pagi ITC MG 2 Panitia Pembangunan Masjid Agung Nurul Falah Tanah Grogot Kaltim PT Imeco Inter Sarana Pemerintah Kabupaten Penajam Paser Utara PT Indoprima Mikroselindo PT Bank NISP Tbk Proyek Club House Bintan 11A PT Bank Mega Tbk Panitia Pembangunan Mesjid Al-Hikmah Berau PT Solo Indah Dinamika PT Matra Olahcipta Pemukiman dan Pengembangan Wilayah PT Jakarta Intiland PT Ria Bintan Lain-lain (masing-masing dibawah Rp 1 miliar) Sub jumlah Dikurangi : Penyisihan Piutang Ragu-ragu Jumlah

2005 Rp

23,392,488,958 7,097,049,999 5,312,499,998 5,144,910,254 5,025,651,250 4,921,366,860 4,562,523,751 3,590,411,784 2,517,592,873 2,211,721,952

5,877,907,888

2,104,000,000 1,729,820,023 1,605,232,723 1,590,413,351 1,340,122,026 1,153,300,676 798,984,503 3,734,004 -----11,028,583,236 85,130,408,222 (6,265,300,791) 78,865,107,431

----1,688,384,551 -4,799,034,890 3,190,697,733 5,671,482,180 7,624,437,957 1,473,700,000 4,620,374,662 1,153,300,676 12,410,523,935 75,974,213,521 (6,737,518,586) 69,236,694,935

17

7,575,813,062 -5,025,651,250 4,921,366,860 2,905,126,717 7,036,411,160 ---

PT Graha Tunas Mekar Panitia Pembangunan Islamic Center PT Bumi Serpong Damai PT Wiranusa GT PT Lubuk Sumber Jaya PT Prabu Budi Mulia PT Musi Lestari I M PT Menara Prambanan Pemerintah Kabupaten Pasir BKS Pasar Pagi ITC MG 2 Panitia Pembangunan Masjid Agung Nurul Falah Tanah Grogot Kaltim PT Imeco Inter Sarana Pemerintah Kabupaten Penajam Paser Utara PT Indoprima Mikroselindo PT Bank NISP Tbk Proyek Club House Bintan 11A PT Bank Mega Tbk Panitia Pembangunan Mesjid Al-Hikmah Berau PT Solo Indah Dinamika PT Matra Olahcipta Pemukiman dan Pengembangan Wilayah PT Jakarta Intiland PT Ria Bintan Others (each below Rp 1 billion) Sub total Less : Allowance for doubtful account Total FINAL DRAFT For Discussion Purpose Only March 26, 2007 (11:22PM) To be Finalized Agreed by : Date :



Rincian umur piutang retensi dihitung sejak tanggal faktur adalah sebagai berikut: 2006 Rp Sampai dengan 1 bulan > 1 bulan - 3 bulan > 3 bulan - 6 bulan > 6 bulan - 1 tahun > 1 tahun Jumlah

2005 Rp

9,764,505,380 6,848,980,532 13,059,096,306 20,987,973,006 34,469,852,998 85,130,408,222

5,007,047,545 6,054,252,842 10,922,067,516 18,342,802,040 35,648,043,578 75,974,213,521

Mutasi penyisihan piutang ragu-ragu adalah sebagai berikut:

Up to 1 month > 1 - 3 months > 3 - 6 months > 6 months - 1 year > 1 year Total

The mutation in allowance for doubtful accounts is as follows:

2006 Rp Saldo Awal Periode Penambahan Selama Tahun Berjalan Penghapusan/Pemulihan Selama Tahun Berjalan Saldo Akhir

Aging schedule of retention receivable since invoice date is as follows:

2005 Rp

6,737,518,586 -(472,217,795) 6,265,300,791

7,997,294,691 109,999,201 (1,369,775,306) 6,737,518,586

Beginning Balance Addition in Allowance During the Year Written off/Recovery During the Year Ending Balance

Pada tahun 2005, Perusahaan telah menghapuskan piutang retensi dan penyisihan piutang ragu-ragu PT Indah Pesona Bogor sebesar Rp 1.330.572.855.

In 2005, the Company has written off the retention receivable and related allowance for doubtful accounts of PT Indah Pesona Bogor amounting to Rp 1,330,572,855.

Manajemen berpendapat bahwa penyisihan piutang ragu-ragu atas piutang retensi adalah cukup untuk menutupi kerugian yang mungkin timbul atas tidak tertagihnya piutang tersebut.

Management believes that the allowance for doubtful account is adequate to cover the possibility of uncollectible retention receivable.

6. Tagihan Bruto kepada Pemberi Kerja

6. Gross Amount Due from Customers

Rincian biaya konstruksi dan penagihan yang telah dilakukan oleh Perusahaan sampai dengan tanggal neraca adalah sebagai berikut: 2006 Rp Biaya Konstruksi Kumulatif Laba Konstruksi Kumulatif yang Diakui Penagihan Sampai Saat Ini Jumlah Tagihan Bruto kepada Pemberi Kerja

2005 Rp

1,771,129,582,661 1,265,643,666,924 231,733,888,905 48,324,564,261 2,002,863,471,566 1,313,968,231,185 (1,704,750,939,060) (1,065,977,230,577) 298,112,532,506 247,991,000,608

18


Details of accumulated constructions cost and progress billings up to balance sheets date are as follows:

Accumulated Construction Cost Accumulated Recognized Profit Progress Billings Gross Amount Due from Customers




Rincian tagihan bruto kepada pemberi kerja atas pekerjaan kontrak konstruksi dalam pelaksanaan adalah sebagai berikut:

Details of gross amount due from customers for contracts in progress are as follows:

2006 Rp Panitia Pembangunan Islamic Centre PT Graha Tunas Mekar PT Sukses Majutama Serasi dan Gereja Reformed Injil Indonesia PT Lubuk Sumber Jaya BKS Mutiara Buana dan PT Prima Perdana Gemilang Bendahara Proyek Penajam PT Bank Mega Tbk PT Pesona Wisata Bangun Yogya Indah PT Bina Nusantara PT Wiranusa GT Pemerintah Propinsi Riau PT Bank Panin Tbk PT Solo Indah Dinamika PT Yogya Indah Lestari PT Duta Visual Nusantara Tivi Tujuh PT Multi Artha Pratama Panitia Pembangunan Masjid Agung Al - Azhar Batulicin Kab Tanah Bambu PT Elite Prima Hutama Islamic Centre Penajam PON 2008 Samarinda PT Jakarta Intiland PT Menara Prambanan PT Bumi Serpong Damai Pimpro Pembangunan Kantor DPRD Kabupaten Malinau PT Transformasi Televisi Indonesia K. Rehab Lamin Etam Panitia Pembangunan Mesjid Agung Nurul Falah Tanah Grogot Kalimantan Timur PT Musi Lestari I.M Panitia Pembangunan Mesjid Agung Al-Hikmah Berau PT Bank NISP Tbk Lain-lain (masing-masing dibawah Rp 1 miliar) Jumlah

2005 Rp

67,354,083,184 46,119,054,230

113,420,000,000 11,169,765,449

40,884,763,636 20,507,055,380

-20,507,055,380

16,570,668,164 15,949,788,433 15,880,757,141 15,761,906,000 10,036,048,637 10,015,919,680 7,280,403,678 5,039,890,909 4,727,545,455 2,558,797,818 2,513,500,000 1,615,784,830

-9,090,909,091 8,984,424,783 --30,664,735,808 --3,700,259,797 ----

1,527,272,727 1,350,377,009 1,326,296,016 1,316,858,937 1,252,500,000 190,076,931 --

1,527,272,727 -1,326,296,016 --1,795,942,218 5,531,092,357

----

10,502,560,817 10,595,077,605 2,070,989,637

---

2,048,272,727 5,631,434,245

--8,333,183,711 298,112,532,506

2,640,908,545 3,601,930,002 3,182,073,404 247,991,000,608

19

Panitia Pembangunan Islamic Centre PT Graha Tunas Mekar PT Sukses Majutama Serasi dan Gereja Reformed Injil Indonesia PT Lubuk Sumber Jaya BKS Mutiara Buana dan PT Prima Perdana Gemilang Bendahara Proyek Penajam PT Bank Mega Tbk PT Pesona Wisata Bangun Yogya Indah PT Bina Nusantara PT Wiranusa GT Pemerintah Propinsi Riau PT Bank Panin Tbk PT Solo Indah Dinamika PT Yogya Indah Lestari PT Duta Visual Nusantara Tivi Tujuh PT Multi Artha Pratama Panitia Pembangunan Masjid Agung Al - Azhar Batulicin Kab Tanah Bambu PT Elite Prima Hutama Islamic Centre Penajam PON 2008 Samarinda PT Jakarta Intiland PT Menara Prambanan PT Bumi Serpong Damai Pimpro Pembangunan Kantor DPRD Kabupaten Malinau PT Transformasi Televisi Indonesia K. Rehab Lamin Etam Panitia Pembangunan Mesjid Agung Nurul Falah Tanah Grogot Kalimantan Timur PT Musi Lestari I.M Panitia Pembangunan Mesjid Agung Al-Hikmah Berau PT Bank NISP Tbk Others (each below Rp 1 billion) Total



7.


Uang Muka Sub Kontraktor

7.

Advance to Sub Contractors

Akun ini merupakan uang muka yang dibayarkan kepada sub kontraktor untuk pelaksanaan suatu proyek yang akan dikompensasi dengan pembayaran termin kepada sub kontraktor.

This account represents advance payment to sub contractors in relation to the accomplishment of projects. This advance payment will be compensated against the billing progress of each sub contractor.

Rincian uang muka sub kontraktor adalah sebagai berikut:

Details of advance to sub contractors are as follows:

2006 Rp The Master Steel MFG PT Focon Indo Beton PT Karya Anggun Hastamulia PT Karya Beton Sudhira PT Jaya Abadi Granitama PT Jaga Citra Inti PT Ekaputra Utama PT Saniharto Enggalhardjo PT Remicon Widyaprima PT Indalex PT Anantagraha Primaperkasa PT Delta Suplindo PT Sarana Aircon Utama PT Erkawiduri Kencana Lain-lain (masing-masing dibawah Rp 1 miliar) Jumlah

8.

2005 Rp

7,786,926,604 4,000,000,000 3,399,405,381 2,500,000,000 2,500,000,000 1,835,302,212 1,756,999,197 1,428,941,680 1,377,200,000 1,214,360,905 426,965,556 60,000,000 17,281,305 -15,475,439,555 43,778,822,395

3,448,430,125

1,180,800,000 1,320,226,593 2,384,105,364 2,410,813,273 11,976,082,417 34,961,108,337

Piutang Lain-lain

Others Receivable

2005 Rp

--

1,015,966,913

Related Party PT Jaga Bangun Persada Komajaya

522,589,887 843,949,949 793,242,487 2,159,782,323 2,159,782,323

736,710,495 443,463,726 20,000,000 1,200,174,221 2,216,141,134

Third Parties Employees Accrued Interest Income Others Sub Total Total

Pihak Hubungan Istimewa PT Jaga Bangun Persada Komajaya Pihak Ketiga Karyawan Pendapatan Bunga yang Masih Harus Diterima Lain-lain Sub Jumlah Jumlah

The Master Steel MFG PT Focon Indo Beton PT Karya Anggun Hastamulia PT Karya Beton Sudhira PT Jaya Abadi Granitama PT Jaga Citra Inti PT Ekaputra Utama PT Saniharto Enggalhardjo PT Remicon Widyaprima PT Indalex PT Anantagraha Primaperkasa PT Delta Suplindo PT Sarana Aircon Utama PT Erkawiduri Kencana Others (each below Rp 1 billion) Total

8. 2006 Rp

Piutang kepada pihak hubungan istimewa merupakan piutang tanpa bunga dan tidak ditentukan tanggal pembayarannya.

Receivable from related party represents non-interest bearing receivable without fixed repayment date.

20


6,924,243,012 -900,107,825 --1,282,100,531 1,756,999,197 -1,377,200,000



9.


Biaya Dibayar di Muka

9. Prepaid Expenses

Akun ini merupakan asuransi atas kendaraan, mesin, gedung, dan pekerjaan proyek konstruksi dalam pelaksanaan. Saldo asuransi dibayar di muka pada tanggal 31 Desember 2006 dan 2005, masing-masing sebesar Rp 627.003.297 dan Rp 239.316.693.

This account represents prepaid insurance on vehicles, equipments, buildings and constructions in progress of the projects. On December 31, 2006 and 2005, the balances of prepaid insurance are Rp 627,003,297 and Rp 239,316,693, respectively.

10. Penyertaan

10. Investments 2006 Rp

Perusahaan Asosiasi Operasi Bersama Lain-lain Jumlah

a.

-34,315,518,233 96,850,000

8,726,569,908 9,665,594,367 96,850,000

34,412,368,233

18,489,014,275

Associates Joint Operations Others Total

a.

Perusahaan Asosiasi Nilai Tercatat Awal Tahun/ Carrying Value at the Beginning Year

% Metode Ekuitas PT Jagat Baja Prima Utama PT Sahid Inti Perkasa PT Vetra Total Teknik PT Panca Bangun Utama Dikurangi: Penyisihan Penurunan Nilai Penyertaan Jumlah

2005 Rp

44 40 40 25

Rp

8,726,569,908 128,057,566 -142,549,071 8,997,176,545

2006 Pengurangan/ Deductions

Rp

(8,726,569,908) ---(8,726,569,908)

Bagian Laba (Rugi) Perusahaan Asosiasi/ Income (Loss) from Associate Companies Rp

Nilai Tercatat/ Carrying Value

Rp

------

-128,057,566 -142,549,071 270,606,637

(270,606,637)

(270,606,637)

8,726,569,908

,

21

Associates

Equity Method PT Jagat Baja Prima Utama PT Sahid Inti Perkasa PT Vetra Total Teknik PT Panca Bangun Utama Less: Allowance for Declining in Value of Investments

--


Total



2005

% Metode Ekuitas PT Jagat Baja Prima Utama PT Sahid Inti Perkasa PT Vetra Total Teknik PT Total Mas Pratama (Dalam Likuidasi) PT Central Parkshoppindo PT Panca Bangun Utama PT Casa Royal Property (d/h PT Nakano Total Indonesia) Metode Biaya PT Prosys Engineers International

Nilai Tercatat Awal Tahun/ Carrying Value at the Beginning Year

Pengurangan/ Deductions

Rp

Rp

44 40 40

7,563,937,545 128,057,566 34,230,843

33.33 30 25

Bagian Laba (Rugi) Perusahaan Asosiasi/ Income (Loss) from Associate Companies Rp


Rp

-1,000,000,000 142,549,071

--(34,230,843) --(1,000,000,000) --

1,162,632,363 -------

8,726,569,908 128,057,566 ----142,549,071

20

1,074,235,950

(1,074,235,950)

--

--

10

300,000,000 10,243,010,975

(300,000,000) (2,408,466,793)

-1,162,632,363

-8,997,176,545

--

(270,606,637)

Dikurangi: Penyisihan Penurunan Nilai Penyertaan

(1,304,837,480)

Jumlah

8,938,173,495

1,034,230,843

Equity Method PT Jagat Baja Prima Utama PT Sahid Inti Perkasa PT Vetra Total Teknik PT Total Mas Pratama (in Liquidation) PT Central Parkshoppindo PT Panca Bangun Utama PT Casa Royal Property (Formerly PT Nakano Total Indonesia) Cost Method PT Prosys Engineers International Less: Allowance for declining in value of investments

8,726,569,908

Total

Berdasarkan Rapat Umum Pemegang Saham Luar Biasa (RUPSLB) tanggal 7 Pebruari 2006, yang diaktakan dengan akta Notaris Haryanto, SH, No. 13 disetujui penjualan seluruh kepemilikan saham pada PT Jagat Baja Prima Utama (JBPU) sebanyak 2.322 lembar saham kepada Ir. Komajaya dengan harga Rp 2.750.000.000. Harga jual ini ditetapkan setelah pemegang saham JBPU menyepakati pembagian dividen dimana Perusahaan menerima dividen sebesar Rp 5.984.000.000. Laba penjualan saham sebesar Rp 7.430.092 diakui dalam akun pendapatan lain-lain.

Based on Extraordinary General Shareholders= Meeting (EGSM) dated February 7, 2006, which was covered by Deed No.13 of Haryanto, SH, the shareholders were agreed to transfer the Company share ownership of 2,322 shares in JBPU to Ir. Komajaya at a selling price of Rp 2,750,000,000. This selling price is determined after the shareholders agreed to distribute cash dividend in which the Company received cash dividend of Rp 5,984,000,000. Resulting gain on sale of share of Rp 7,430,092 is recognized as other income.

Pada tahun 2005, Perusahaan menjual seluruh penyertaan saham pada PT Central Parkshoppindo seharga Rp 1.000.000.000. Laba atas penjualan sebesar Rp 1.000.000.000 dicatat dalam akun pendapatan lain-lain.

In 2005, the Company sold its shares of ownership in PT Central Parkshoppindo amounting to Rp 1,000,000,000. Resulting gain on sale of share of Rp 1,000,000,000 is recognized as other income.

Pada tanggal 10 dan 12 Januari 2005, Perusahaan menjual seluruh penyertaan saham pada PT Casa Royal Property (CRP) (dahulu PT Nakano Total Indonesia) dengan harga jual Rp 1.153.400.000 dan Rp 646.600.000. Penjualan investasi tersebut telah diaktakan dengan akta No. 15 dan 35 oleh Ratnawati Moeljono, SH., notaris di Jakarta. Laba atas penjualan investasi tersebut adalah sebesar Rp 657.389.691 setelah dikurangi biaya-biaya yang terkait dengan penjualan penyertaan saham.

On January 10 and 12, 2005, the Company sold its shares of ownership in PT Casa Royal Property (CRP) (formerly PT Nakano Total Indonesia) with a selling price of Rp 1,153,400,000 and Rp 646,600,000, respectively. The sale of investment was covered by Notarial Deed No. 15 and 35 of Ratnawati Moeljono, SH, Notary in Jakarta. Resulting gain on sale of this investment is Rp 657,389,691, after deducted by certain related expenses from the sale of investments.

Pada tahun 2005, Perusahaan menjual seluruh penyertaan saham PT Prosys Engineers Indonesia (PEI) dengan harga Rp 350.000.000. Laba atas penjualan sebesar Rp 50.000.000 diakui dalam akun pendapatan lain-lain.

In 2005, the Company sold its shares of ownership in PT Prosys Engineers International (PEI) with a selling price of Rp 350,000,000. Resulting gain on sale of Rp 50,000,000 is recognized as other income.

22





PT Total Mas Pratama (TMP) telah dibubarkan pada tanggal 19 Pebruari 2003. Pembubaran ini telah dilaporkan kepada Departemen Kehakiman dan Hak Asasi Manusia Republik Indonesia yang diterima melalui surat No.C-UM.02.01.3114 tanggal 28 Pebruari 2003. Pada tahun-tahun sebelumnya bagian rugi atas investasi pada TMP telah melebihi nilai perolehan investasi sehingga investasi di TMP telah dilaporkan nihil. Pada bulan Agustus 2006 Perusahaan memperoleh hasil likuidasi dari TMP sebesar Rp 319.024.129 dan dicatat dalam akun keuntungan pelepasan investasi.

PT Total Mas Pratama (TMP) has been liquidated on February 19, 2003. This liquidation has been reported to the Department of Justice and Human Rights of the Republic of Indonesia, in its letter No.C-UM.02.01.3114 dated February 28, 2003. In prior years, the investment in TMP was nil due to the accumulated loss of the investment in TMP which was already exceeded its investment cost. In August 2006, Company has receipt liquidation result from TMP amounted to Rp 319,024,129 and has recorded as gain on disposal of investment.

b. Operasi Bersama

b.

Joint Operations

2006 Saldo Awal/ Beginning Balance

Penambahan/ Additions

Pengurangan (Reklasifikasi)/ Deductions (Reclassification)

Bagian Laba (Rugi) Perusahaan Company's Income (Loss) Portion

Distribusi Laba/ Distribution of Profit

Bagian Rugi (Laba) Tanggungan Perusahaan/ Company’s Portion on Loss of Joint Operation

Saldo Akhir/ Ending Balance

Rp

Rp

Rp

Rp

Rp

Rp

Rp

Bellagio Mansion ITC Cempaka Mas The Pakubuwono Residence Cambridge Condominium PON 2008 Samarinda Mediterania Garden Residence

8,461,096,658 616,918,254 587,579,455 ----

---1,768,000,000 6,984,144,727 --

-(616,918,254) -----

(2,381,080,333) -7,533,165,891 4,551,890,970 13,794,865,593 1,589,201,902

----(6,984,144,728) --

-----(1,589,201,902)

6,080,016,325 -8,120,745,346 6,319,890,970 13,794,865,592 --

Bellagio Mansion ITC Cempaka Mas The Pakubuwono Residence Cambridge Condominium PON 2008 Samarinda Mediterania Garden Residence

Jumlah

9,665,594,367

8,752,144,727

(616,918,254)

25,088,044,023

(6,984,144,728)

(1,589,201,902)

34,315,518,233

Total

2005 Saldo Awal/ Beginning Balance

Penambahan/ Additions

Pengurangan (Reklasifikasi)/ Deductions (Reclassification)

Bagian Laba (Rugi) Perusahaan Company's Income (Loss) Portion

Distribusi Laba/ Distribution of Profit

Rp

Rp

Rp

Rp

Rp

Bagian Rugi (Laba) Tanggungan Perusahaan/ Company’s Portion on Loss of Joint Operation Rp

Saldo Akhir/ Ending Balance

Rp

Bellagio Mansion ITC Cempaka Mas The Pakubuwono Residence Mediterania Garden Residence

2,107,542,752 1,341,305,382 745,121,669 --

-----

-----

6,353,553,906 (724,387,128) (157,542,214) (4,055,524,063)

-----

---4,055,524,063

8,461,096,658 616,918,254 587,579,455 --

Bellagio Mansion ITC Cempaka Mas The Pakubuwono Residence Mediterania Garden Residence

Jumlah

4,193,969,803

--

--

1,416,100,501

--

4,055,524,063

9,665,594,367

Total

Bagian Perusahaan atas laba (rugi) operasi bersama adalah sebagai berikut:

The Company =s income (loss) portion are as follows:

2006 Laba (Rugi) Sebelum Pajak/ Income (Loss) Before Tax Rp

Bellagio Mansion ITC Cempaka Mas The Pakubuwono Residences Cambridge Condominium PON 2008 Samarinda Mediterania Garden Residences Jumlah

(3,401,543,332) -18,832,914,680 7,586,484,950 30,655,256,873 2,648,669,837 56,321,783,007

2005 Bagian Perusahaan/ Company’s Portion Rp

Laba (Rugi) Sebelum Pajak/ Income (Loss) Before Tax Rp

(2,381,080,333) -7,533,165,891 4,551,890,970 13,794,865,593 1,589,201,902 25,088,044,023

23

9,076,505,580 (1,420,366,917) (393,855,534) --(6,759,206,772) 503,076,357

Bagian Perusahaan/ Company’s Portion Rp

6,353,553,906 (724,387,128) (157,542,214) --(4,055,524,063) 1,416,100,501

Bellagio Mansion ITC Cempaka Mas The Pakubuwono Residences Cambridge Condominium PON 2008 Samarinda Mediterania Garden Residences Total




Pada tahun yang berakhir 31 Desember 2006 dan 2005, Perusahaan telah mengakui bagian laba (rugi) yang dihasilkan dari operasi bersama.

For the years ended December 31, 2006 and 2005, the Company has recognized income (loss) from joint operations.

Seluruh proyek kerjasama operasi dengan kontribusi permodalan lebih dari 50% tidak dikonsolidasikan karena kontribusi permodalan tidak memberikan pengaruh yang signifikan terhadap kendali proyek kerjasama.

All joint operation projects which have ownership of more than 50% are not consolidated since the Company =s contribution shares do not have significant control over the projects.

Bagian rugi atas investasi pada operasi bersama yang melebihi nilai investasinya dicatat pada neraca sebagai Kewajiban pada akun ATanggungan Perusahaan atas Bagian Rugi Operasi Bersama@.

Portion of loss from joint operation which was exceeded the carrying amount of its investment is recorded in balance sheet at liabilities section under ACompany =s Portion on Loss of Joint Operation@ account.

Akumulasi bagian rugi tanggungan Perusahaan atas operasi bersama adalah sebagai berikut:

Balance of Company =s portion on loss of joint operation is as follows:

2006 Rp Saldo Awal Penambahan Pemulihan Saldo Akhir

2005 Rp

9,303,117,069 -(1,589,201,902) 7,713,915,167

5,247,593,006 4,055,524,063 -9,303,117,069

Beginning Balance Addition Recovery Ending Balance

Proyek ITC Cempaka Mas Berdasarkan Perjanjian Kerjasama Operasi No. TBP: 705/K.314-02/IV/2000 dan No. PP: 10/HKM/2000 tanggal 7 April 2000, Perusahaan dan PT Pembangunan Perumahan (Persero) membentuk kerjasama operasi (KSO) untuk melaksanakan proyek pembangunan gedung ITC Cempaka Mas Mega Grosir di Jakarta dengan kontribusi permodalan masing-masing sebesar 51% dan 49%.

ITC Cempaka Mas Project Based on Joint Operation Agreement No. TBP: 705/K.31402/IV/2000 and No. PP: 10/HK/IV/2000 dated April 7, 2000, the Company and PT Pembangunan Perumahan (Persero) have entered into a joint operation contract to conduct the construction of ITC Cempaka Mas Mega Grosir Building in Jakarta wherein the contribution of ownership of each parties are 51% and 49%, respectively.

Proyek Mediterania Garden Residences Berdasarkan Perjanjian Kerjasama Operasi No. TBP: 001/D.3-01/2003 dan No. PP: 01/EXT/PP/DT/2003 tanggal 3 Januari 2003, Perusahaan dan PT Pembangunan Perumahan (Persero) membentuk KSO untuk melaksanakan proyek Mediterania Garden Residences Tanjung Duren di Jakarta dengan kontribusi permodalan masing-masing sebesar 60% dan 40%.

Mediterania Garden Residences Project Based on Joint Operation Agreement No. TBP: 001/D.301/2003 and No. PP: 01/EXT/PP/DT/2003 dated January 3, 2003, the Company and PT Pembangunan Perumahan (Persero) have entered into a joint operation contract to conduct the Mediterania Garden Residences Project in Tanjung Duren Jakarta wherein the contribution of ownership of each parties are 60% and 40%, respectively.

Proyek The Pakubuwono Residences Berdasarkan Perjanjian Kerjasama Operasi antara Perusahaan dengan Shimizu Corporation Jepang yang dibuat pada tanggal 27 Oktober 2003, yang telah terdaftar pada buku daftar register No. 106/2003 oleh Notaris Lindasari Bachroem, SH, tanggal 17 Nopember 2003, Perusahaan dan Shimizu Corporation membentuk KSO untuk melaksanakan proyek The Pakubuwono Residences di Jakarta dengan kontribusi permodalan masing-masing sebesar 40% dan 60%.

The Pakubuwono Residences Project Based on Joint Operation Agreement between the Company and Shimizu Corporation Japan, which was signed on October 27, 2003, covered by register book No. 106/2003 of Lindasari Bachroem, SH dated November 17, 2003, the Company and Shimizu Corporation have entered into a joint operation contract to conduct The Pakubuwono Residences Project in Jakarta wherein the contribution of ownership of each parties are 40% and 60%, respectively.

24





Proyek Bellagio Mansion Berdasarkan Perjanjian Kerjasama Operasi antara Perusahaan dengan PT Decorient Indonesia yang dibuat pada tanggal 6 Pebruari 2004, yang telah terdaftar pada buku daftar register No. 582/2004 oleh Notaris Haryanto, SH tanggal 9 Pebruari 2004, Perusahaan dan PT Decorient Indonesia membentuk kerjasama operasi untuk melaksanakan proyek The Bellagio Mansion di Mega Kuningan Jakarta dengan kontribusi permodalan masingmasing sebesar 70% dan 30%.

Bellagio Mansion Project Based on Joint Operation Agreement between the Company and PT Decorient Indonesia which was made on February 6, 2004, registered on the book of register list No. 582/2004 of Haryanto, SH dated February 9, 2004, the Company and PT Decorient Indonesia have entered into a joint operation contract to conduct The Bellagio Mansion Project in Mega Kuningan Jakarta wherein the contribution of ownership 70% and 30%, respectively.

Proyek Cambridge Condominum & Mall Berdasarkan Perjanjian Kerjasama Operasi tanggal 28 April 2006, Perusahaan dengan PT Decorient Indonesia membentuk KSO untuk melaksanakan pembangunan proyek Cambridge Condominum & Mall di Medan, Sumatera Utara dengan kontribusi permodalan masing-masing 60% dan 40%.

Cambridge Condominum & Mall Project Based on Joint Operation Agreement between the Company and PT Decorient Indonesia dated April 28, 2006, the Company and PT Decorient Indonesia have entered into a joint operation to conduct The Cambridge Condominium & Mall Project in Medan, North Sumatera wherein the contribution of ownership of each parties are 60% and 40%, respectively.

Proyek PON Samarinda 2008 Berdasarkan Perjanjian Kerjasama Operasi No.TBP 741/D.102/II/2006 tanggal 13 Pebruari 2006, Perusahaan dengan PT Pembangunan Perumahan (Persero) dan PT Bangun Cipta Kontraktor membentuk KSO untuk melaksanakan pembangunan proyek komplek stadion utama Kalimantan Timur di Samarinda dengan kontribusi permodalan masingmasing 45%, 30% dan 25%.

PON Samarinda 2008 Project Based on Joint Operation Agreement No.TBP 741/D.102/II/2006 dated February 13, 2006, the Company, PT Pembangunan Perumahan (Persero) and PT Bangun Cipta Kontraktor have entered into joint operation contract to conduct “Kalimantan Timu Stadium Complex Project” in Samarinda, wherein the contribution of ownership of each parties are 45%, 30% and 25%, respectively.

c.

c.

Investasi Lain-lain Jumlah Saham (Lembar)/ Number of Shares

Sertifikat saham Prioritas PT REI Sewindu Seri A Seri B Yayasan REI Saham PT Ilmu Inti Swadaya Saham PT Dara Mutiara Laguna Dikurangi: Penyisihan Penurunan Nilai Investasi Jumlah

6 55 -1 3

Other Investments

2006

2005

Rp

Rp

6,350,000 50,000,000 25,000,000 15,255,000 15,500,000 112,105,000

6,350,000 50,000,000 25,000,000 15,255,000 15,500,000 112,105,000

(15,255,000) 96,850,000

(15,255,000) 96,850,000

Berdasarkan evaluasi manajemen, tidak terdapat indikasi bahwa penyisihan penurunan nilai investasi dapat terpulihkan pada 31 Desember 2006 dan 2005.

Certificate of Preferred Stock of PT REI Sewindu Serie A Serie B Yayasan REI Shares of PT Ilmu Inti Swadaya Shares of PT Dara Mutiara Laguna Less: Allowance for Declining Value of Investments Total

The management believe that there is no changes in circumstances that indicate the allowance for declining value of investment could be recovered as of December 31, 2006 and 2005.

25




11. Jaminan

11. Guarantee Deposits

Pada tanggal 31 Desember 2006 dan 2005, Perusahaan memiliki deposito yang dijaminkan dalam rangka memperoleh kontrak konstruksi dengan rincian sebagai berikut:

On December 31, 2006 dan 2005, the Company has time deposits which are used for collateral in acquiring construction contracts with details as follows:

2006 Rp Rupiah PT Bank Mega Tbk PT Bank Central Asia Tbk PT Bank Danamon Indonesia Tbk Sub Jumlah

2005 Rp

-4,200,000,000 12,000,000,000 16,200,000,000

US Dolar PT Bank Central Asia Tbk (2006: USD 42,000 ; 2005: USD 18,500) PT Bank Mega Tbk (2006: USD 850,000) Sub Jumlah Jumlah

378,840,000

181,855,000

7,667,000,000 8,045,840,000

181,855,000

US Dollar PT Bank Central Asia Tbk (2006: USD 42,000 ; 2005: USD 18,500) PT Bank Mega Tbk (2006: USD 850,000) Sub Total

24,245,840,000

8,881,855,000

Total

Tingkat bunga deposito berjangka per tahun

--

Annual interest rates on time deposit 2006

Rupiah USD

Rupiah PT Bank Mega Tbk PT Bank Central Asia Tbk PT Bank Danamon Indonesia Tbk Sub Total

6,100,000,000 1,600,000,000 1,000,000,000 8,700,000,000

2005

7.5% - 10.75% 3.50% - 5.00%

9.00 % - 13.00% 3.50%

12. Aktiva Tetap

Rupiah USD

12. Property and Equipment 2006 Saldo Awal/ Beginning Balance Rp

Penambahan/ Additionals


Rp

Rp

Saldo Akhir/ Ending Balance Rp

Biaya Perolehan Tanah Gedung Kendaraan Bermotor Peralatan Kantor Peralatan Proyek Jumlah

39,573,000,000 68,531,907,421 5,779,541,838 10,395,894,324 30,546,919,624 154,827,263,207

-119,935,490 593,478,909 1,044,136,196 50,740,000 1,808,290,595

--148,572,749 109,276,967 151,875,620 409,725,336

39,573,000,000 68,651,842,911 6,224,447,998 11,330,753,553 30,445,784,004 156,225,828,466

Acquisition Cost Land Building Vehicles Office Equipments Project Equipments Total

Akumulasi Penyusutan Gedung Kendaraan Bermotor Peralatan Kantor Peralatan Proyek Jumlah Nilai Buku

12,228,797,419 4,721,410,803 7,231,808,829 24,089,638,499 48,271,655,550 106,555,607,657

2,866,078,145 358,882,731 920,537,073 1,618,571,928 5,764,069,877

-148,572,749 97,880,988 151,875,620 398,329,357

15,094,875,564 4,931,720,785 8,054,464,914 25,556,334,807 53,637,396,070 102,588,432,396

Acumulated Depreciation Building Vehicles Office Equipments Project Equipments Total Book Value

26




Saldo Awal/ Beginning Balance Rp


Penambahan/ Additionals

2005 Revaluasi/ Revaluation


Rp

Rp

Rp

Saldo Akhir/ Ending Balance Rp

Biaya Perolehan Tanah Gedung Kendaraan Bermotor Peralatan Kantor Peralatan Proyek Jumlah

2,222,700,000 22,684,539,318 5,980,753,202 8,703,752,699 27,049,779,454 66,641,524,673

--175,600,000 1,712,726,625 3,866,840,080 5,755,166,705

37,350,300,000 45,847,368,103 ---83,197,668,103

--376,811,364 20,585,000 369,699,910 767,096,274

39,573,000,000 68,531,907,421 5,779,541,838 10,395,894,324 30,546,919,624 154,827,263,207

Acquisition Cost Land Building Vehicles Office Equipments Project Equipments Total

Akumulasi Penyusutan Gedung Kendaraan Bermotor Peralatan Kantor Peralatan Proyek Jumlah Nilai Buku

10,518,356,108 4,650,705,565 6,374,053,570 23,191,604,238 44,734,719,481 21,906,805,192

756,151,311 366,028,809 871,905,083 1,267,734,171 3,261,819,374

954,290,000 ---954,290,000

-295,323,571 14,149,824 369,699,910 679,173,305

12,228,797,419 4,721,410,803 7,231,808,829 24,089,638,499 48,271,655,550 106,555,607,657

Accumulated Depreciation Building Vehicles Office Equipments Project Equipments Total Book Value

Beban penyusutan dialokasi sebagai berikut:

Depreciation expense was allocated to the following: 2006 Rp

Beban Umum Biaya Kontrak Konstruksi Jumlah

2005 Rp

4,145,497,949 1,618,571,928 5,764,069,877

2,948,375,203 1,267,734,171 4,216,109,374

General and Administrative Expenses Contracts Cost Total

Tanah dan bangunan dengan Sertifikat Hak Guna Bangunan (SHGB) No. 2940 atas nama PT Total Bangun Persada Tbk yang terletak di Jl. Letjen. S. Parman Kav. No. 107 dijadikan jaminan fasilitas pinjaman dan bank garansi pada PT Bank Lippo Tbk (lihat Catatan 30).

Land and Building with Building Right Title (SHGB) No. 2940 under the name of PT Total Bangun Persada located at Jl. Letjen. S. Parman Kav. 107, are pledged as collateral for overdraft and bank guarantee facility obtained from PT Bank Lippo Tbk (see Note 30).

Aktiva tetap berupa gedung, kendaraan, dan peralatan proyek telah diasuransikan kepada perusahaan asuransi tertentu dengan jumlah pertanggungan pada 31 Desember 2006 dan 2005 masing-masing sebesar Rp 32.589.707.731 dan USD 13,500,000 dan Rp 29.581.007.731 dan USD 13,500,000. Manajemen berpendapat bahwa nilai pertanggungan tersebut cukup memadai untuk menutupi risiko kerugian atas aktiva yang dipertanggungkan.

Property and equipment consists of building, vehicles and project equipment are insured to certain insurance company with sum insured of Rp 32,589,707,731 and USD 13,500,000 and Rp 29,581,007,731 and USD 13,500,000 as of December 31, 2006 dan 2005, respectively. Management believes that the sum insured are adequate to cover any possible losses.

Pengurangan aktiva tetap merupakan penjualan aktiva tetap dengan rincian sebagai berikut:

Deduction on property and equipments represents sales of assets with details as follows:

Harga Jual Dikurangi: Nilai Buku Kendaraan Bermotor Peralatan Kantor Jumlah Keuntungan Penjualan Aktiva Tetap

2006 Rp

2005 Rp

275,930,000

506,260,000

-11,395,979 11,395,979 264,534,021

81,487,793 6,435,175 87,922,968 418,337,032

27

Selling Price Less: Book Value Vehicles Office Equipments Total Gain on Sale of Property and Equipment




Pada bulan September 2005, Perusahaan melakukan penilaian kembali atas tanah dan bangunan tertentu yang terletak di Jl. Letjen. S. Parman, Kav 106 - 107 yang dilakukan oleh PT Winara Sabena, penilai independen, dalam laporannya No. WS-199/LP/IX/2005 tanggal 29 September 2005 dengan menggunakan nilai pasar atau nilai wajar atas aktiva tetap pada tanggal 31 Agustus 2005.

On September 2005, the Company had revalued certain land and building located at Jl. Letjen. S. Parman, Kav. 106 - 107. The revaluation was conducted by PT Winara Sabena, an Independent Appraiser, in its report No. WS199/LP/IX /2005 dated September 29, 2005, using market value or fair value of the assets on August 31, 2005.

Hasil penilaian kembali aktiva tetap dicatat pada tahun 2005 dengan rincian sebagai berikut:

The result of revaluation in 2005 is as follows:

Jenis Aktiva Tetap

Tanah Bangunan Jumlah


Penilaian Kembali/ Revaluation Value

Rp

Rp

1,542,300,000 11,410,031,897 12,952,331,897

38,892,600,000 57,257,400,000 96,150,000,000

Selisih Penilaian Kembali Aktiva Tetap/Increment of Property and Equipment Rp

Type of Property and Equipment

37,350,300,000 45,847,368,103 83,197,668,103

Land Building Total

Selisih penilaian kembali aktiva tetap Rp 83.197.668.103 tersebut dicatat sebagai komponen ekuitas sebesar Rp 74.877.901.290 setelah dikurangi pajak final sebesar Rp 8.319.766.810. Selanjutnya pada tanggal 24 Oktober 2005, selisih penilaian kembali aktiva tetap atas tanah dan bangunan ini dikapitalisasi menjadi modal saham (lihat Catatan 21).

The increment value of property and equipment of Rp 83,197,668,103 are recorded as a component of stockholders= equity of Rp 74,877,901,290 after deducted by final income tax of Rp 8,319,766,810. Subsequently, on October 24, 2005, the increment value of land and buildings were capitalized to stock capital (see Note 21).

Penilaian kembali tersebut telah disetujui oleh Direktur Jenderal Pajak berdasarkan surat No. KEP 38/WPJ.05/2005 tanggal 21 Oktober 2005. Berdasarkan Surat Keputusan tersebut jumlah selisih penilaian kembali aktiva tetap untuk tujuan perpajakan sebesar Rp 83.197.668.103.

The revaluation value has been approved by the General Director of Taxation in his decision letter No. KEP 38/WPJ.05/2005 dated October 21, 2005. Based on the decision letter, the increment value of property and equipment for tax purposes is amounting to Rp 83,197,668,103.

13. Aktiva Lain-lain

13. Other Assets 2006 Rp

2005 Rp

Aktiva Tidak Berwujud Harga Perolehan Akumulasi Amortisasi Nilai Bersih Aktiva Tidak Berwujud

264,000,000 (118,593,750) 145,406,250

264,000,000 (70,125,000) 193,875,000

Intangible Asset Acquisition Cost Accumulated Amortization Book Value of Intangible Asset

Proyek Dalam Pelaksanaan Aktiva Tetap Tidak Digunakan Deposit Jaminan Lain-lain Jumlah

2,431,595,210 1,472,692,253 399,717,799 17,500,000 4,466,911,512

871,595,566 1,472,692,253 399,717,799 17,500,000 2,955,380,618

Construction Cost in Progress Unutilized Assets Security Deposits Others Total

28





Aktiva tidak berwujud merupakan biaya perolehan perangkat lunak komputer yang diamortisasi selama 5 (lima) tahun.

Intangible asset represents the acquisition cost of computer software which was amortized over 5 (five) years.

Proyek dalam pelaksanaan merupakan biaya yang telah dikeluarkan untuk pelaksanaan proyek, dimana perjanjian kontrak proyek tersebut masih dalam proses persetujuan dan penandatanganan dengan pemberi kerja.

The construction cost in progress represents cost incurred to conduct the construction projects, wherein the agreement of the projects are still in process.

Aktiva tetap tidak digunakan merupakan kompensasi pembayaran piutang oleh pemberi kerja berupa Apartemen Taman Anggrek di Jakarta, Tanah Griya Asri di Surabaya dan Kondominium di Batam. Berdasarkan evaluasi manajemen mengenai nilai yang dapat diperoleh kembali pada 31 Desember 2006, manajemen Perusahaan berpendapat tidak terdapat perubahan yang mengindikasikan penurunan nilai yang material atas aktiva tetap yang tidak digunakan.

The unutilized assets represent assets obtained from compensation of uncollectible receivable from certain owner which consists of Taman Anggrek Apartment in Jakarta, Land Griya Asri in Surabaya and Condominium in Batam. Based on the review of the recoverable amount, as of December 31, 2006, the Company =s management believe that there is no changes in circumstances that indicate material impairment on the carrying amount of the unutilized assets

Deposit jaminan merupakan jaminan keanggotaan kepada Damai Indah Padang Golf, Modern Golf dan Country Club, dan Rancamaya Golf.

Security deposits consists of membership deposit on Damai Indah Padang Golf, Modern Golf and Country Club, Rancamaya Golf.

14. Hutang Usaha

14. Accounts Payable 2006 Rp

Pihak Ketiga PT Indogranit Tunggal Perkasa Proyek Kota Casablanca - JO Modern Plaza - JO PT Cipta Mortar Utama PT Kharisma Adhitama Sejati PT Cahaya Sukses Utama PT Adihimix Precast Indonesia PT Putracipta Jayasentosa PT Jaya Realmix Lain-lain (masing-masing dibawah Rp 1 miliar) Jumlah

2005 Rp

4,993,442,417 1,717,967,001 1,482,466,667 1,200,328,140 1,099,538,553 76,258,201 10,560,000 --19,770,344,144 30,350,905,123

15. Uang Muka Proyek

-1,653,617,745 --79,000,320 14,637,525,621 1,284,603,384 10,483,509,394 2,044,570,563 21,113,786,578 51,296,613,605

Third Parties PT Indogranit Tunggal Perkasa Proyek Kota Casablanca - JO Modern Plaza - JO PT Cipta Mortar Utama PT Kharisma Adhitama Sejati PT Cahaya Sukses Utama PT Adhimix Precast Indonesia PT Putracipta Jayasentosa PT Jaya Realmix Others (each below Rp 1 billion) Total

15. Advance from Customers

Akun ini merupakan uang muka yang diterima dari pemberi kerja yang akan dikompensasi dengan tagihan termin. Pada tanggal 31 Desember 2006 dan 2005 saldo uang muka proyek masing-masing sebesar Rp 144.051.885.153 dan Rp 92.125.899.144.

This account represents advance received from customers which will be compensated against the billings progress. As of December 31, 2006 dan 2005, the balances of advance from customer are Rp 144,051,885,153 and Rp 92,125,899,144, respectively.

16. Hutang Lain-lain

16. Other Payables

Akun ini merupakan pinjaman sementara dari pemberi kerja dan tanpa bunga yang nantinya akan dikompensasi dengan tagihan termin kepada pemberi kerja atau dibayar secara tunai.

This account represents temporary loan from customers with non interest bearing which will be compensated against the billing progress or by cash settlement. 29




Rincian hutang lain-lain adalah sebagai berikut:

Details of other payables are as follows: 2006 Rp

PT Sukses Majutama Serasi dan Gereja Reformed Injili Indonesia PT Pesona Wisata Bangun Yogya Indah PT Jakarta Inti land PT Yogya Indah Lestari PT Graha Tunas Mekar PT Bumi Serpong Damai PT Televisi Transformasi Indonesia Yayasan Kasih Mulia Lain-lain (masing-masing dibawah Rp 500 juta) Jumlah

2005 Rp

-10,986,000,000 5,500,000,000 4,000,000,000 3,000,000,000 1,900,000,000 ---3,345,035,737 28,731,035,737

-----26,760,000,000 7,500,000,000 558,269,873 1,156,364,551 35,974,634,424

PT Sukses Majutama Serasi and Gereja Reformed Injili Indonesia PT Pesona Wisata Bangun Yogya Indah PT Jakarta Inti land PT Yogya Indah Lestari PT Graha Tunas Mekar PT Bumi Serpong Damai PT Televisi Transformasi Indonesia Yayasan Kasih Mulia Others (each below Rp 500 million) Total

17. Perpajakan a.

17. Taxation a.

Hutang Pajak 2006 Rp

Pajak Penghasilan Pasal 21 Pasal 23 Pasa 25 - Bulan Desember Pasal 29 - Tahun 2003 Pasal 29 - Tahun 2005 Pasal 29 - Tahun 2006 Pajak Pertambahan Nilai Jumlah

b.

2005 Rp

b. 2006 Rp

Income Tax Benefit (Expense) 2005 Rp

(42,029,203,700) 1,398,155,383 (40,631,048,317)

30


Income Tax Article 21 Article 23 Article 23 Article 29 - Year 2003 Article 29 - Year 2005 Article 29 - Year 2006 Value Added Tax Total

3,867,178,114 412,998,318 -2,338,242,899 4,690,332,022 -10,834,646,002 22,143,397,355

6,677,997,720 921,497,920 402,508,293 --14,452,715,562 22,070,605,448 44,525,324,944

Manfaat (Beban) Pajak Penghasilan

Pajak Kini Pajak Tangguhan Jumlah Beban Pajak

Taxes Payable

(23,950,074,800) 20,199,398 (23,929,875,402)

Current Tax Deferred Tax Total Tax Expense




c. Current Tax A reconciliation between income before income tax, as shown in the statements of income, with estimated taxable income of the Company is as follows:

c. Pajak Kini Rekonsiliasi antara laba sebelum pajak penghasilan menurut laporan laba rugi dengan taksiran laba fiskal Perusahaan adalah sebagai berikut: 2006 Rp Laba Sebelum Pajak Penghasilan Rugi (Laba) Perusahaan Asosiasi Sebelum Pajak Penghasilan Laba Sebelum Pajak Penghasilan Perusahaan Perbedaan Waktu: Penyisihan Piutang Ragu-ragu Penghapusan/Pemulihan Piutang Imbalan Kerja Pembayaran Imbalan Pasca Kerja Jumlah Beda Tetap: Beban Pajak Amortisasi Sumbangan dan Jamuan Penghasilan yang dikenakan Pajak Final: Bunga Deposito dan Jasa Giro Penghasilan Sewa Jumlah

Laba Fiskal Perusahaan Pembulatan Laba Fiskal Perusahaan Perhitungan Pajak Penghasilan dengan Tarif Pajak Progresif: 10% x Rp 50.000.000 15% x Rp 50.000.000 30% x (2006: Rp 140.055.679.000) 2005: Rp 79.791.916.000) Jumlah Beban Pajak Penghasilan Pajak Penghasilan Dibayar di Muka Pasal 22 Pasal 23 Pasal 25 Fiskal Luar Negeri Jumlah Pajak Penghasilan Dibayar di Muka Kurang Bayar Pajak Penghasilan

2005 Rp

142,893,750,364

86,050,217,333

-142,893,750,364

(1,162,632,363) 84,887,584,970

Income before Income Tax Loss (Income) of Associate Companies Before Income Tax Income Before Income Tax of the Company

1,575,552,979 (2,172,813,884) 6,489,576,348 (1,231,797,502) 4,660,517,941

4,140,800,647 (8,750,082,304) 5,645,756,483 (969,143,500) 67,331,326

Timing Differences: Provision for Doubtful Account Receivable Written off Employee Benefits Payment of Post Employee Benefits Total

585,436,843 48,468,750 488,081,541

1,857,492,675 64,625,000 888,533,270

(7,865,283,495) (655,292,644) (7,398,589,005)

(5,908,897,006) (1,964,753,881) (5,062,999,942)

140,155,679,300 140,155,679,000

79,891,916,354 79,891,916,000

5,000,000 7,500,000

5,000,000 7,500,000

42,016,703,700 42,029,203,700

23,937,574,800 23,950,074,800

Estimated Taxable Income Rounded off - Estimated Taxable Income The Computation of Income Tax with Progressive Tax Rates: 10% x Rp 50,000,000 15% x Rp 50,000,000 30% x (2006: Rp 140,055,679,000; 2005: Rp 79,791,916,000) Total Income Tax Expenses

31,950,432 24,199,715,310 3,344,822,396 6,000,000 27,576,488,138 14,452,715,562

201,428,519 18,918,546,760 139,767,499 -19,259,742,778 4,690,332,022

Prepayment of Income Taxes Article 22 Article 23 Article 25 Exit Tax Total Prepayment of Income Taxes Underpayment of Income Tax

Permanent Differences: Tax Expenses Amortization Donation and Representation Income which already subjected to Final Tax: Interest Income Rental Income Total

Taksiran pajak penghasilan tahun 2006 dan 2005 diatas sesuai dengan jumlah yang dilaporkan Perusahaan dalam Surat Pemberitahuan Tahunan (SPT) tahun yang bersangkutan.

The estimated income tax in 2006 and 2005 as stated above is conformed with the Annual Tax Return (SPT) filed by the Company.

Sedangkan untuk tahun-tahun 2004 dan 2003 selisih karena dasar perhitungan taksiran pajak penghasilan yang disampaikan dalam SPT adalah laporan laba rugi Perusahaan yang belum diaudit. Perusahaan tidak melakukan pembetulan SPT tahun 2004 dan 2003 karena pada tanggal-tanggal laporan keuangan, SPT tersebut masih dalam pemeriksaan Direktorat Jenderal Pajak.

The estimated income tax in 2004 and 2003 were not conform with the Annual Tax Return (SPT) since the Company used the unaudited accounts for submitting the SPT. The Company had not revised the respective SPT since at the financial statements date, those SPT 2004 and 2003 are still audited by the General Directorate of Taxation. 31




d. Deferred Tax Details of the Company= s deferred tax assets are as follows:

d. Pajak Tangguhan Rincian dari aktiva pajak tangguhan Perusahaan adalah sebagai berikut: 31 Des 2004/ Dec 31, 2004

Rp Penyisihan Piutang Ragu-ragu Imbalan Kerja Aktiva (Kewajiban) Pajak Tangguhan

Dibebankan Ke Laporan Laba Rugi/ Charged to Statement of Income Rp

31 Des 2005/ Dec 31, 2005

Rp

31 Des 2006/ Dec 31, 2006

Rp

9,754,422,881 5,091,200,326

(1,382,784,497) 1,402,983,895

8,371,638,384 6,494,184,221

(179,178,271) 1,577,333,654

8,192,460,113 8,071,517,875

14,845,623,207

20,199,398

14,865,822,605

1,398,155,383

16,263,977,988

Rekonsiliasi antara laba sebelum pajak penghasilan dengan beban pajak penghasilan adalah sebagai berikut:

Laba Sebelum Pajak Penghasilan Menurut Laporan Laba Rugi Rugi (Laba) Perusahaan Asosiasi Laba Sebelum Pajak Penghasilan Perusahaan Pajak Penghasilan Dihitung dengan Tarif Pajak yang Berlaku 10% x Rp 50.000.000 15% x Rp 50.000.000 30% x (2006: Rp 142.793.750,365; 2005: Rp 84.787.584.000) Pengaruh Pajak atas Beban (Penghasilan) yang Tidak Dapat Diperhitungkan Menurut Fiskal: Beban Pajak Amortisasi Sumbangan dan Jamuan Penghasilan yang dikenakan Pajak Final : Bunga Deposito dan Jasa Giro Pendapatan Sewa Jumlah Jumlah Beban Pajak Penghasilan

Allowance for Doubtful Accounts Employees’ Benefits Deferred Tax Assets (Liablilities)

A reconciliation between income before income tax and income tax expenses is as follows:

2006 Rp

2005 Rp

142,893,750,364 --

86,050,217,333 (1,162,632,363)

142,893,750,364

84,887,584,970

(5,000,000) (7,500,000)

(5,000,000) (7,500,000)

(42,838,125,018) (42,850,625,018)

(25,436,275,384) (25,448,775,384)

(175,631,053) (14,540,625) (146,424,462) 2,359,585,048 196,587,793 2,219,576,702 (40,631,048,317)

Pada tahun 2006, Perusahaan menerima Surat Ketetapan Pajak (SKP) dan Surat Tagihan Pajak (STP) hasil pemeriksaan pajak untuk masa pajak 2003 dengan jumlah kurang bayar dan denda pajak sebesar Rp 983.115.063 yang terdiri dari Pajak Pertambahan Nilai dan Pajak Penghasilan lainnya masing-masing sebesar Rp 78.164.213 dan Rp 904.950.850 atas jumlah tersebut, sebesar Rp 397.678.220 merupakan SKPKB PPh Badan yang mana Perusahaan telah mencadangkan kurang bayar pajaknya pada tahun 2003 sebesar Rp 2.338.242.899. Atas selisih tersebut Perusahaan mengakui laba sebesar Rp 1.940.564.679 yang dicatat dalam laporan laba rugi sebagai pendapatan lain-lain.

Income Before Income Tax Loss (Income) of Associate Companies Income Before Corporate Income Tax Company The Computation of Income Tax with Current Progressive Tax Rates: 10% x Rp 50,000,000 15% x Rp 50,000,000 30% x (2006: Rp 142,793,750,365; 2005: Rp 84,787,584,000)

Effect of non Deductible Expenses on Taxable Income: (557,247,803) Tax Expenses (19,387,500) Amortization (266,559,981) Donation and Representation Income which already subjected to Final Tax: 1,772,669,102 Interest Income 589,426,164 Rental Income 1,518,899,982 Total (23,929,875,402) Total Income Tax Expense

In 2006, the Company received Tax Assessment Notice (SKP) and Tax Collection Notice (STP) as result of tax audit for tax year 2003. Based on SKP, the underpayment of income tax and tax penalty are Rp 983,115,063; which consist of Value Added Tax and certain Income Tax of Rp 78,164,213 and Rp 904,950,850, respectively above its value Rp 397,678,220 is tax assessment notice underpayment of income tax in which, the company have been made allowance to underpayment of tax for year 2003 amounting to Rp 2,338,242,899. As of different, The Company recognized the profit amount Rp 1,940,564,679 are recorded in income statement as other income.

32


Dibebankan Ke Laporan Laba Rugi/ Charged to Statement of Income Rp




Seluruh pajak kurang bayar dan denda pajak tersebut telah dibayar pada tahun 2006.

All tax underpayment and tax penalty have been paid in 2006.

Pada tahun 2005, Perusahaan menerima Surat Ketetapan Pajak (SKP) dan Surat Tagihan Pajak (STP) hasil pemeriksaan pajak untuk masa pajak 2004 dengan jumlah kurang bayar dan denda pajak sebesar Rp 1.857.492.675 yang terdiri dari PPN dan Pajak Penghasilan lainnya masingmasing sebesar Rp 748.347.767 dan Rp 1.109.144.908. Seluruh pajak kurang bayar dan denda pajak tersebut telah dibayar pada tahun 2005.

In 2005, the Company received Tax Assessment Notice (SKP) and Tax Collection Notice (STP) as result of tax audit for fiscal year 2004. Based on SKP, the underpayment of income tax and tax penalty are Rp 1,857,492,675; which consist of Value Added Tax and certain income tax of Rp 748,347,767 and Rp 1,109,144,908, respectively. All tax underpayment and tax penalty have been paid in 2005.

18. Beban Masih Harus Dibayar

18. Accrued Expenses 2006 Rp

2005 Rp

Jasa Konstruksi The Peak @ Sudirman Graha Reformed Millenium Islamic Centre 4 Apartement Regatta 1 Pearl Garden Apartment Sekolah Binus Serpong BSD Junction Batam City Square Gedung Perpustakaan Riau Kantor Bupati Penajam 2 Gedung Kantor Ampera Delaweyan Mall Solo Kantor PT Indoprima Lamin Etam 2 Jembatan Pasar Pagi - ITC Mangga Dua Ren. Hotel Ibis Yogyakarta Studio TV 7 Ren. Malioboro Yogyakarta Pondok Indah Square Klinik Autis & Klub Lansia Bank Panin Kombes SBY Gedung Kantor Bank NISP Zona - IV Ramayana Makasar Town Square Pasar Senaken Pasir Pusdatikom Tenggarong Palembang Indah Mall PPP Narkoba Sentul ITC BSD Tangerang Grand ITC Permata Hijau Hotel Atlit Lain-lain (masing-masing di bawah Rp 1 miliar) Sub Jumlah

51,803,138,085 31,674,850,715 27,925,520,188 15,593,831,813 10,037,206,682 9,567,815,375 9,148,474,641 9,081,134,701 7,055,729,637 6,612,182,579 4,080,051,444 3,505,363,046 3,163,251,571 2,708,484,638 2,571,623,058 2,498,642,254 2,234,496,069 2,157,168,573 2,135,235,337 2,021,038,655 2,014,736,813 1,294,388,729 1,250,000,000 1,056,027,548 734,917,190 464,134,831 115,543,158 ----10,125,391,415 222,630,378,744

-23,821,592,509 -10,964,999,936 ----5,706,657,231 --2,412,263,011 --4,481,242,443 3,839,392,312 6,435,464,827 3,222,472,880 2,955,341,512 1,324,801,670 1,624,529,764 29,577,899,074 212,807,395,493

Construction Services The Peak @ Sudirman Graha Reformed Millenium Islamic Centre 4 Apartement Regatta 1 Pearl Garden Apartment Sekolah Binus Serpong BSD Junction Batam City Square Gedung Perpustakaan Riau Kantor Bupati Penajam 2 Gedung Kantor Ampera Delaweyan Mall Solo Kantor PT Indoprima Lamin Etam 2 Jembatan Pasar Pagi - ITC Mangga Dua Ren. Hotel Ibis Yogyakarta Studio TV 7 Ren. Malioboro Yogyakarta Pondok Indah Square Klinik Autis & Klub Lansia Bank Panin Kombes SBY Gedung Kantor Bank NISP Zona - IV Ramayana Makasar Town Square Pasar Senaken Pasir Pusdatikom Tenggarong Palembang Indah Mall PPP Narkoba Sentul ITC BSD Tangerang Grand ITC Permata Hijau Hotel Atlit Others (each below Rp1 billion) Sub Total

Lain-lain Jumlah

-222,630,378,744

535,625,000 213,343,020,493

Others Total

33

16,813,165,869 -73,045,892,551 -11,106,430,949 -15,475,248,955 --




Beban yang masih harus dibayar - jasa konstruksi merupakan beban terutang dalam pelaksanaan proyek kontraktor yang telah menjadi kewajiban Perusahaan, namun belum jatuh tempo.

Accrued expenses - construction services represents accrual construction cost which is not yet due.

19. Kewajiban Jangka Panjang

19. Long-term Liabilities 2006 Rp

Hutang Retensi Dikurangi: Kewajiban Jangka Panjang yang Jatuh Tempo Dalam Satu Tahun Kewajiban Jangka Panjang yang Jatuh Tempo Lebih dari Satu Tahun

2005 Rp

44,608,434,656

34,356,761,904

Retention Payable

(25,198,429,000)

(14,627,772,279)

Less: Current Portion

19,410,005,656

19,728,989,625

Long-term Portion

20. Kewajiban Diestimasi atas Imbalan Kerja

20. Estimated Liabilities on Employee Benefits

Kewajiban Diestimasi atas Imbalan Kerja per 31 Desember 2006 dihitung oleh PT Padma Radja Aktuaria dengan laporan tanggal 26 Januari 2007, yang terdiri atas imbalan pasca kerja dan imbalan kerja jangka panjang lainnya. Imbalan kerja jangka panjang lainnya merupakan imbalan kerja yang diberikan kepada pegawai setelah bekerja selama tahun tertentu di Perusahaan. Perusahaan belum menetapkan pendanaan untuk ke dua program tersebut.

Estimated liabilities on employee benefits as of December 31, 2006 is calculated by PT Padma Radja Aktuaria with its report dated January 26, 2006 which is consist of post employment benefits and other long-term employee benefits. Other long-term employee benefits represent other benefits which will be given to employee when an employee has rendered service in certain number of years of services. The Company not yet set up a specific fund for both program.

Asumsi aktuaria yang digunakan dalam menentukan beban dan kewajiban imbalan kerja pada tanggal 31 Desember 2006 dan 2005 adalah sebagai berikut:

The actuarial assumption used in measuring expense and employee benefits liabilities as of December 31, 2006 and 2003 are as follows:

Usia Pensiun Normal : Tingkat Diskonto : Estimasi Kenaikan Gaji Dimasa Datang : Tabel Mortalita : Tingkat Cacat : Tingkat Pengunduran Diri :

: Normal Pension Ages : Discount Rate : Estimated Future Salary Increase : Mortality Table : Disability Rate : Resignation Rate

Tingkat Pensiun

:

Pension Rate

:

Method

Metode

55 Tahun/ Year 10.5% (2004: 12.5%) 5% - 10% 100%TMI 2 5% dari Tingkat Mortalita/ of Mortality Rate 4% untuk peserta yang berusia 35 tahun, menurun secara proporsional menjadi 0% untuk usia 55 tahun/ 4% up to age 35, then decrease proportionally to reach 0% at age 55 : 100% pada usia pensiun normal/ 100% in normal pension ages : Projected Unit Credit

34





Post Employment Benefits Details of estimated liabilities on post employee benefits are as follows:

Imbalan Pasca Kerja Rincian dari kewajiban diestimasi atas imbalan pasca kerja adalah sebagai berikut: 2006 Rp Saldo Awal Pembayaran Imbalan Pasca Kerja Beban Imbalan Pasca Kerja Tahun Berjalan Saldo Akhir

2005 Rp

20,810,726,124 (1,127,940,000) 6,350,684,966 26,033,471,090

Rincian beban imbalan pasca kerja tahun berjalan adalah sebagai berikut:

2005 Rp

2,941,578,255 2,643,605,758 982,150,103 (216,649,150) 6,350,684,966

2006 Rp

Current Service Cost Interest Cost Amortization of Actuarial (Gains) Losses Effect of Curtailment Total Post Employee Benefits Expense

2005 Rp

836,554,611 138,891,382 (103,857,502) 871,588,491

Rincian beban imbalan kerja jangka panjang lainnya tahun berjalan adalah sebagai berikut:

--

Beginning Balance Other Long-term Employee Benefits Cost 836,554,611 Current -- Payment of Other Longterm Employee Benefits 836,554,611 Ending Balance

Details of other long-term current employee benefits expense are as follows:

2006 Rp Beban Jasa Kini Beban Jasa Tahun Lalu Beban Bunga Dampak Pengurangan Pegawai Amortisasi (Keuntungan) Kerugian Aktuarial Koreksi Manfaat Jumlah Beban Imbalan Kerja Jangka Panjang Lainnya

2,386,425,542 1,887,721,954 559,593,161 (24,538,785) 4,809,201,872

Other Long-term Employee Benefits Details of estimated liabilities on other long-term employee benefits are as follows:

Imbalan Kerja Jangka Panjang Lainnya Rincian dari kewajiban diestimasi atas imbalan kerja jangka panjang lainnya adalah sebagai berikut:

Saldo Awal Beban Imbalan Kerja Jangka Panjang Lainnya Tahun Berjalan Pembayaran Imbalan Kerja Jangka Panjang Lainnya Saldo Akhir

Beginning Balance Payment of Post Employment Benefits Current Post Employment Benefits Cost Ending Balance

Details of current post employee benefits expense are as follows:

2006 Rp Beban Jasa Kini Beban Bunga Amortisasi (Keuntungan) Kerugian Aktuarial Dampak Pengurangan Pegawai Jumlah Beban Imbalan Pasca Kerja

16,970,667,752 (969,143,500) 4,809,201,872 20,810,726,124

2005 Rp

184,065,276 -82,817,997 (6,673,940) 113,047,665 (234,365,515)

182,288,144 107,540,281 370,509,581 (2,781,899) 178,998,504 --

138,891,483

836,554,611

Pada tahun 2005, Perusahaan membebankan beban imbalan kerja jangka panjang lainnya untuk tahun-tahun sebelumnya sekaligus karena jumlahnya tidak material.

Current Service Cost Past Service Cost Interest Cost Effect of Curtailment Amortization of Actuarial (Gains) Losses Corection of Benefits Total Other Long-term Employees' Benefits Expense

The estimated other long-term employee benefits expense were fully charged in 2005 since the amount is considered immaterial. 35




21. Modal Saham

21. Capital Stocks

Susunan pemegang saham Perusahaan dan kepemilikannya pada 31 Desember 2006 dan 2005 adalah sebagai berikut: Jumlah Saham/ Number of Shares Nama Pemegang Saham PT Total Inti Persada Ir. Djadjang Tanuwidjaja, Msc*) Ir. Komajaya*) Widodo Pinarto Sutanto*) Masyarakat Jumlah

Nama Pemegang Saham PT Total Inti Persada PT Bumi Permata Pratama Ir. Djadjang Tanuwidjaja, Msc*) Ir. Komajaya*) Widodo Pinarto Sutanto*) Jumlah

2006 Persentase Pemillikan/ Percentage of Ownwership %

1,553,750,000 153,537,500 30,337,500 50,187,500 50,187,500 912,000,000 2,750,000,000

Jumlah Saham/ Number of Shares

The composition of stockholders and their respective percentage of ownership as of December 31, 2006 dan 2005 are as follows:

56.50 5.58 1.10 1.83 1.83 33.16 100.00 2005 Persentase Pemillikan/ Percentage of Ownwership %

1,553,750,000 253,337,500 196,000,000 155,337,500 145,787,500 145,787,500 2,450,000,000

63.42 10.34 8.00 6.34 5.95 5.95 100.00

*)Komisaris Perusahaan

Rp 155,375,000,000 15,353,750,000 3,033,750,000 5,018,750,000 5,018,750,000 91,200,000,000 275,000,000,000

Name of Stockholders PT Total Inti Persada Djajang Tanuwidjaja *) Ir. Komajaya *) Widodo Pinarto Sutanto *) Publics Total

Jumlah/ Total Rp 155,375,000,000 25,333,750,000 19,600,000,000 15,533,750,000 14,578,750,000 14,578,750,000 245,000,000,000

Name of Stockholders PT Total Inti Persada PT Bumi Permata Pratama Ir. Djadjang Tanuwidjaja, Msc*) Ir. Komajaya *) Widodo Pinarto Sutanto *) Total *) Commisioner of The Company

Pada tanggal 18 Mei 2006, melalui Surat Pengantar Pernyataan Pendaftaran No. 376/U.181/V/2006, Perusahaan telah menawarkan sahamnya kepada masyarakat melalui pasar modal sejumlah 300.000.000 saham dengan nilai nominal Rp 100 per saham dengan harga penawaran Rp 345 per saham. Pada tanggal 18 Juli 2006, berdasarkan Surat keputusan Ketua Bapepam & LK No. S-/018/BL/2006, Perusahaan telah memperoleh Surat Pemberitahuan Efektif Pernyataan Penawaran. Berdasarkan Rapat Umum Pemegang Saham yang diaktakan dengan Akta Notaris No. 48 tanggal 20 April 2006 dari Notaris Haryanto, SH, para pemegang saham menyetujui perubahan Anggaran Dasar mengenai perubahan modal dasar, modal ditempatkan dan disetor penuh Perusahaan. Akta tersebut telah disetujui oleh Menteri Hukum dan Hak Asasi Manusia Republik Indonesia dengan surat No.C -13524. HT.01.04.TH.2006 tanggal 10 Mei 2006.

On May 18, 2006, based on Statement of Registration Letter No. 376/U.181/V/2006, the Company has conducted the initial public offering of 300,000,000 shares with par value of Rp 100 per share with offering price of Rp 345 per share through capital market. Based on decision letter from Chairmen of Bapepam & LK No. S-/018/BL/2006 dated July 18, 2006, the registration statement became effective. Based on Extraordinary General Stockholders’ Meeting which contained on Notarial deed No. 48 dated April 20, 2006 from Notary Haryanto, SH, shareholders have approved to amend the Company’s article of Association concerning the amendment of the authorized, issued and paid in capital. The amendment has been approved by Ministry of Justice and Human Right of Republik Indonesia in his decree No. C-13524.HT.01.04.TH.2006 dated May 10, 2006.

36


Jumlah/ Total




Selama tahun 2005, susunan pemegang saham, jumlah lembar saham dan nilai nominal per lembar saham telah mengalami beberapa kali perubahan terakhir berdasarkan Rapat Umum Pemegang Saham Luar Biasa (RUPSLB) pada tanggal 17 Nopember 2005 yang diaktakan dengan akta No. 12 dari Haryanto SH, Notaris di Jakarta.

In, 2005, the composition of stockholders, number of shares and par value of share have been changed for several times, most recently based on EGSM dated November 17, 2005 which was covered by dead No.12 of Haryanto SH, Notary in Jakarta.

22. Penggunaan Saldo Laba

22. Appropriation of Retained Earnings

 Berdasarkan Berita Acara Rapat Umum Pemegang Saham Luar Biasa tanggal 7 April 2006 yang diaktakan dengan akta Notaris Hariyanto, SH, No. 9, telah disetujui pembagian tantiem kepada direksi dan komisaris maksimal sebesar 15% dari saldo laba tahun 2005. Pada tahun 2006, jumlah tantiem yang dibayarkan adalah sebesar Rp 8.471.065.787.

$

Based on Extraordinary General Stockholder’s Meeting dated April 7, 2006, which was covered by Notarial Deed No. 9 of Haryanto, SH, the stockholders were approved to distribute the rewards at maximum amount of 15% of 2005 net income to its Commissioners and Directors. In 2006, total rewards have been paid is amounted to Rp 8,471,065,787.

$

Berdasarkan keputusan pemegang saham pengganti Rapat Umum Pemegang Saham tanggal 7 Pebruari 2006 yang diaktakan dengan akta Notaris Haryanto, SH, No. 13, telah disetujui pembagian dividen tunai kepada pemegang saham yang tercatat pada 2 Januari 2006 yang berasal dari laba ditahan sebesar Rp 50.000.000.000.

$

Based on Stockholders Decision as a substitute of General Stockholders= Meeting dated February 7, 2006, which was covered by Notarial Deed No. 13 of Haryanto, SH, Notary in Jakarta, the stockholders were approved to distribute cash dividend amounting to Rp 50,000,000,000.

$

Dalam Rapat Umum Pemegang Saham Tahunan tanggal 22 Oktober 2005 yang diaktakan dengan akta Notaris Haryanto, SH, No. 46, disetujui untuk membagikan dividen saham kepada pemegang saham yang berasal dari laba ditahan sebesar Rp 158.622.098.710.

$

Based on the Annual General Stockholders’ Meeting dated October 22, 2005 which was covered by Deed No. 46 of Haryanto, SH, Notary in Jakarta, the stockholders approved to declare shares dividend from its retained earnings amounting to Rp 158,622,098,710.

37




23. Pendapatan Usaha

23. Revenues 2006 Rp

Pendapatan Jasa Konstruksi PT Graha Tunas Mekar PT Bumi Serpong Damai Panitia Pembangunan Islamic Centre PT Wiranusa GT PT Bank Mega Tbk Bendahara Proyek Penajam BKS Pasar Pagi ITC MG2 PT Sukses Majutama Serasi dan Graha Reformed Injili Indonesia PT Imeco Inter Sarana PT Indoprima Mikroselindo PT Bina Nusantara PT Musi Lestari I.M DPU dan Kimbangwil Pasir BKS Mutiara Buana dan PT Prima Perdana Gemilang Panitia Pembangunan Masjid Agung Nurul Falah Tanah Grogot PT Multi Artha Pratama PT Bank Panin Tbk PT Pesona Wisata Bangun Yogya Indah PT Bank NISP Tbk K. Rehab Lamin Etam Pemerintah Prov. Riau Yayasan Kasih Mulia PT Solo Indah Dinamika Program Pendidikan Dokter Universitas Mulawarman PT Jakarta Intiland PT Menara Prambanan PT Lubuk Sumber Jaya Lain-lain (masing-masing dibawah Rp 10 Miliar) Sub Jumlah Pendapatan Sewa Sewa Property Sewa Peralatan Sub Jumlah Jumlah

2005 Rp

303,890,148,595 169,642,145,582 82,915,272,726 60,540,231,469 52,716,575,543 49,227,272,727 41,158,576,395

100,237,529,356 131,957,474,975 152,235,512,179 45,419,108,155 50,623,402,296 13,623,150,909 --

40,884,763,636 31,948,013,000 29,206,606,383 26,457,409,091 24,340,657,295 24,125,860,421

-164,834,380 --58,933,830,000 21,984,536,828

22,958,249,145

--

20,289,090,909 17,676,007,830 16,551,938,393 15,761,906,000 14,431,879,089 12,393,773,817 11,037,602,910 4,870,764,545 4,727,545,455

13,636,551,792 -18,547,272,728 -34,357,494,546 46,735,513,455 -41,070,910,909 102,761,272,727

3,800,781,455 1,252,500,000 244,507,162 --

13,473,333,091 80,999,243,537 66,527,124,066 79,423,142,623

27,798,470,251 1,110,848,549,824

83,640,233,475 1,156,351,472,027

Construction Revenues PT Graha Tunas Mekar PT Bumi Serpong Damai Panitia Pembangunan Islamic Centre PT Wiranusa GT PT Bank Mega Tbk Bendahara Proyek Penajam BKS Pasar Pagi ITC MG2 PT Sukses Majutama Serasi and Graha Reformed Injili Indonesia PT Imeco Inter Sarana PT Indoprima Mikroselindo PT Bina Nusantara PT Musi Lestari I.M DPU dan Kimbangwil Pasir BKS Mutiara Buana and PT Prima Perdana Gemilang Panitia Pembangunan Masjid Agung Nurul Falah Tanah Grogot PT Multi Artha Pratama PT Bank Panin Tbk PT Pesona Wisata Bangun Yogya Indah PT Bank NISP Tbk K. Rehab Lamin Etam Pemerintah Prov. Riau Yayasan Kasih Mulia PT Solo Indah Dinamika Program Pendidikan Dokter Universitas Mulawarman PT Jakarta Intiland PT Menara Prambanan PT Lubuk Sumber Jaya Others (each below Rp 10 Billion) Sub Total

6,907,480,429 2,062,393,550 8,969,873,979 1,119,818,423,804

5,753,795,284 576,559,760 6,330,355,044 1,162,681,827,071

Rental Revenue Property Rental Equipment Rental Sub Total Total

24. Beban Kontrak

24. Contracts Cost 2006 Rp

Beban Kontrak Jasa Konstruksi Beban atas Pendapatan Sewa Jumlah

2005 Rp

954,447,403,559 12,503,869,502 966,951,273,061

1,042,222,695,372 4,207,657,854 1,046,430,353,226

38


Cost of Construction Revenue Cost of Rental Total




25. Laba (Rugi) Proyek Kerjasama Operasi

25. Income (Loss) from Joint Operations

2006 Rp JO Proyek PON 2008 Samarinda JO Proyek The Pakubuwono Residences JO Proyek Cambridge Condominium JO Proyek Mediterania Garden Residences JO Proyek ITC Cempaka Mas JO Proyek Bellagio Mansion Jumlah

2005 Rp

13,794,865,593 7,533,165,891 4,551,890,970 1,589,201,902 -(2,381,080,333) 25,088,044,023

-(157,542,214) -(4,055,524,063) (724,387,128) 6,353,553,906 1,416,100,501

JO PON 2008 Samarinda Project JO The Pakubuwono Residences Project JO Cambridge Condominium Project JO Mediterania Garden Residences Project JO ITC Cempaka Mas Project JO Bellagio Mansion Project Total

26. Beban Usaha

26. 2006 Rp

Gaji dan Kesejahteraan Imbalan Kerja Penyusutan Iklan Alat Tulis dan Cetakan Perjalanan Telepon, Listrik dan Air Konsultan Sumbangan dan Jamuan Pemeliharaan Beban Pajak Lain-lain (dibawah Rp 100.000.000) Jumlah

2005 Rp

27,554,779,022 6,489,576,348 4,145,497,949 1,795,322,845 922,813,535 905,709,904 821,824,260 636,666,000 488,081,541 338,772,258 118,624,000 502,116,541 44,719,784,202

21,874,700,330 5,645,756,483 2,948,375,203 364,791,343 323,586,317 459,956,032 808,640,317 1,377,756,000 310,238,000 232,287,569 2,415,397,976 1,029,205,514 37,790,691,084

27. Pendapatan (Beban) Lain-lain

Salaries and Allowance Employee Benefits Depreciation Advertising Stationery Traveling Telephone, Electricity and Water Professional Fee Representation and Donation Repair and Maintenance Taxation Others (below Rp 100,000,000) Total

27. 2006 Rp

Pendapatan Jasa Giro dan Deposito Keuntungan Pelepasan Investasi Keuntungan Penjualan Aktiva Tetap Bagian Laba Bersih Perusahaan Asosiasi Penyisihan Piutang Ragu-ragu Selisih Kurs Mata Uang Asing - Bersih Lain-lain Jumlah

Operating Expenses

Other Income (Expenses)

2005 Rp

7,865,283,495 326,454,221 264,534,021 -(1,575,552,979) (2,489,482,472) 5,267,103,514 9,658,339,800

39

5,908,897,006 1,707,389,691 418,337,032 1,162,632,363 (3,810,003,097) 431,716,401 354,364,675 6,173,334,071

Interest Income Gain on Disposal of Investments Gain on Sales of Property and Equipments Income (Loss) from Associates Bad Debt Expenses Gain (Loss) on Foreign Exchange - Net Others Total




28. Laba Per Saham Dasar

28. 2006

Laba Per Saham Dasar Laba Bersih (Rp) Saham Beredar (Lembar) Saldo awal Kapitalisasi Selisih Penilaian Kembali Aktiva Tetap (29 September 2005) Dividen Saham (22 Oktober 2005) Penawaran Umum (18 Juli 2006) Jumlah Saham Beredar Rata-rata Tertimbang Jumlah Saham Beredar Laba per Saham Dasar (Rp)

2005

102,262,702,047

62,120,341,931

2,450,000,000

115,000,000

--300,000,000 2,750,000,000

748,779,013 1,586,220,987 -2,450,000,000

2,586,438,356 39.54

Proyek Belagio Mansion Proyek PON 2008 Samarinda Proyek Mediterania Garden Proyek Pakubuwono Residences PT Jagat Baja Prima Utama Proyek ITC Cempaka Mas PT Casa Royal Property (d/h/ Formerly PT Nakano Total Indonesia) PT Jaga Bangun Persada Komajaya

Basic Earning per Share (Rp)

29. Transactions and Balances with Related Parties a.

Hubungan/ Relation

Nature of Relationship Sifat Saldo Akun/Transaksi/ Nature of Accounts / Transactions

Kerjasama Operasi/ Joint Operation Kerjasama Operasi/ Joint Operation Kerjasama Operasi/ Joint Operation Kerjasama Operasi/ Joint Operation Kerjasama Operasi/ Joint Operation Perusahaan Asosiasi/ Associate Company Kerjasama Operasi/ Joint Operation Perusahaan Asosiasi/ Associate Company

Piutang Usaha, Penyertaan Modal, Penjualan/ Accounts Receivable, Investment in Joint Operation, Revenues Piutang Usaha, Penyertaan Modal, Penjualan/ Accounts Receivable, Investment in Joint Operation, Revenues Piutang Usaha, Penyertaan Modal, Penjualan/ Accounts Receivable, Investment in Joint Operation, Revenues Piutang Usaha, Penyertaan Modal, Penjualan/ Accounts Receivable, Investment in Joint Operation, Revenues Piutang Usaha, Penyertaan Modal, Penjualan/ Accounts Receivable, Investment in Joint Operation, Revenues Piutang Usaha, Piutang Lain-lain, Penyertaan Saham/ Accounts Receivable, Other Receivables, Investment of Stock Piutang Usaha, Penyertaan Modal, Penjualan/ Accounts Receivable, Investment in Joint Operation, Revenues Piutang Usaha, Penyertaan Saham/ Accounts Receivable, Investment in Shares of Stock

Perusahaan Asosiasi/ Associate Company

Piutang Lain-lain/ Other Receivables

40


Weighted Average Number of Common Stock Outstanding

On May 18, 2006, based on statement of registration letter No. 376/U.181/V/2006, the Company has conducted the initial public offering of 300,000,000 shares with par value of Rp 100 per share with offering price of Rp 345 per share through capital market (see Note 21).

Sifat Hubungan Istimewa

Proyek Cambridge Condominium

Outstanding Shares Beginning Balance Capitalization of Revaluation Increment of Property and Equipments(September 29, 2005) Issuance of Shares Dividend (October 22, 2005) Initial Public Offering (July 18, 2006) Total Outstanding Common Stocks

25.36

29. Transaksi dan Saldo Hubungan Istimewa

Perusahaan/ Company

Basic Earning per Share Net Income (Rp)

2,449,540,297

Pada tanggal 18 Mei 2006, melalui Surat Pengantar Pernyataan Pendaftaran No. 376/U.181/V/2006, Perusahaan telah menawarkan sahamnya kepada masyarakat melalui pasar modal sejumlah 300.000.000 saham dengan nilai nominal Rp 100 per saham dengan harga penawaran Rp 345 per saham (lihat Catatan 21).

a.

Basic Earning per Share



Perusahaan/ Company PT Prosys Engineers International PT Sahid Inti Perkasa PT Vetra Total Teknik PT Central Parkshopindo PT Panca Bangun Utama Proyek Bellagio Mansion

b.


Hubungan/ Relation

Sifat Saldo Akun/Transaksi/ Nature of Accounts / Transactions

Perusahaan Asosiasi/ Associate Company Perusahaan Asosiasi/ Associate Company Perusahaan Asosiasi/ Associate Company Perusahaan Asosiasi/ Associate Company Perusahaan Asosiasi/ Associate Company Kerjasama Operasi/ Joint Operation

Piutang Lain-lain, Penyertaan Modal/ Other Receivables, Investment in Shares of Stock Penyertaan Saham/ Investment in Shares of Stock Penyertaan Saham/ Investment in Shares of Stock Penyertaan Saham/ Investment in Shares of Stock Piutang Usaha, Penyertaan Saham/ Accounts Receivable, Investment in Shares of Stock Penyertaan KSO, Pendapatan/ Investment in Joint Operation, Revenues

b.

Transaksi dan Saldo Hubungan Istimewa Jumlah/ Total

2006 Rp

Transactions and Balances with Related Parties

Persentase Terhadap Jumlah Aktiva/Kewajiban/Pendapatan atau Biaya yang Terkait/ Percentage to Total Assets/Liability/Respective Income or Expenses 2006 2005 (%) (%)

2005 Rp

Piutang Usaha Operasi Bersama Proyek Mediterania Garden Proyek Pakubuwono Residences

13,264,374,514 534,454,969

12,169,355,913 2,683,342,649

1.33 0.05

1.54 0.34

Accounts Receivable Joint Operations Mediterania Garden Project Pakubuwono Residences Project

Proyek ITC Cempaka Mas Proyek Bellagio Mansion PT Vetra Total Teknik Jumlah

1,803,564,095 --15,602,393,578

1,035,205,881 3,549,040 9,753,777 15,901,207,260

0.18 --1.56

0.13 --2.01

ITC Cempaka Mas Project Bellagio Mansion Project PT Vetra Total Teknik Total

--

1,015,966,913

--

0.13

Others Receivable PT Jagat Baja Prima Utama

-142,549,071 128,057,566 270,606,637

8,726,569,908 142,549,071 128,057,566 8,997,176,545

-0.01 0.01

1.10 0.02 0.02 1.14

(270,606,637)

(270,606,637)

(0.03)

1.10

Less: Allowance for Declining Value of Investments

--

8,726,569,908

(0.03)

2.24

Total

Operasi Bersama Proyek Bellagio Mansion Proyek ITC Cempaka Mas Proyek PON 2008 Samarinda Proyek Mediteranian Garden Proyek Cambridge Condominium Proyek The Pakubuwono Residences

6,080,016,325 -13,794,865,592 -6,319,890,970 8,120,745,346

8,461,096,658 616,918,254 ---587,579,455

0.61 -1.38 -0.63 0.81

1.07 0.08 ---0.07

Investment in Joint Operations Bellagio Mansion Project ITC Cempaka Mas Project PON 2008 Samarinda Project Mediteranian Garden Project Cambridge Condominium Project The Pakubuwono Residences Project

Jumlah

34,315,518,233

9,665,594,367

3.43

1.22

Total

1.93

Company’s Portion on Loss of Joint Operations Mediterania Garden Residences Project

Piutang Lain-lain PT Jagat Baja Prima Utama

Investments in Associate

Penyertaan Saham PT Jagat Baja Prima Utama PT Panca Bangun Utama PT Sahid Inti Perkasa Dikurangi: Penyisihan Nilai Pernyertaan Jumlah

Tanggungan Perusahaan atas Bagian Rugi Operasi Bersama Proyek Mediterania Garden Residences

7,713,915,167

9,303,117,069

41

1.40

PT Jagat Baja Prima Utama PT Panca Bangun Utama PT Sahid Inti Perkasa




30. Perikatan a.

b.

30. Commitments

Pada tanggal 2 Nopember 2001, Perusahaan memperoleh fasilitas Kredit Rekening Koran dari PT Bank Lippo Tbk dengan maksimal pinjaman sebesar Rp 1 miliar. Fasilitas ini terakhir diperpanjang dengan Perjanjian Kredit No. 273/PK/CSC.CBS/X/05LPL tanggal 4 Oktober 2005. Jangka waktu kredit selama 12 bulan mulai 9 Oktober 2005 sampai dengan 9 Oktober 2006 dengan tingkat suku bunga 13,5% per tahun. Pada tanggal 31 Desember 2006, perpanjangan perjanjian pinjaman masih dalam proses.

a.

Jaminan atas pinjaman ini adalah tanah dan bangunan dengan Sertifikat Hak Guna Bangunan (SHGB) No. 2940 yang terletak di Jl. Letjend. S. Parman Kav. No. 107 milik Perusahaan (lihat Catatan 12).

The facility is secured by the Company =s land and Building located at Jl. Letjen. S. Parman Kav. No. 107 with Building Right Title No. 2940 (see Note 12).

Perusahaan terikat dengan beberapa batasan, antara lain Perusahaan harus mendapat persetujuan terlebih dahulu untuk melakukan perubahan anggaran dasar, permodalan, susunan pengurus dan pemegang saham.

The Company is required to comply with several restrictions according to loan agreement requirements, among others, the Company is required to obtain prior written consent to alter its article of association, change its share ownership, and change the composition of Company=s board of directors and commissioners and its stockholders.

Per 31 Desember 2006 dan 2005, saldo atas fasilitas tersebut adalah nihil.

As of December 31, 2006 dan 2005 , the outstanding balance of the facility is nil.

Pada tanggal 21 Nopember 2001, Perusahaan menerima fasilitas Bank Garansi dari PT Bank Lippo Tbk dengan nilai maksimal sebesar Rp 43 miliar dan USD 200,000. Fasilitas ini terakhir diperpanjang masing-masing dengan Perjanjian Pemberian Fasilitas Bank Garansi dan Pengakuan Hutang No. 274/PBG/CSC.CBS/X/05-LPL dan No. 278/PBG/ CSC.CBS/X.05-LPL tanggal 4 Oktober 2005. Jangka waktu perjanjian selama 12 bulan mulai tanggal 9 Oktober 2005 sampai dengan 9 Oktober 2006. Pada tanggal 31 Desember 2006, perpanjangan perjanjian pinjaman masih dalam proses.

b.

Jaminan atas fasilitas ini adalah tanah dan bangunan dengan Sertifikat Hak Guna dan Bangunan (SHGB) No. 2940 yang terletak di Jl. Letjend. S. Parman Kav. No 107 milik Perusahaan (lihat Catatan 12).

On November 21, 2001, the Company obtained Bank Guarantee facility from PT Bank Lippo Tbk with maximum limit of Rp 43 billion and USD 200,000. The facility has been extended based on the bank guarantee Facility Agreement and Debt Acknowledgment No. 274/PBG/CSC.CBS/X/05-LPL and No. 278/PBG/CSC.CBS/X.05-LPL dated October 4, 2005. The term of facility is 12 months starting on October 9, 2005 and will be due on October 9, 2006. Up to December 31, 2006, the extension of the loan agreement is stil in process. The facility is secured by the Company= s land and Building located at Jl. Letjen. S. Parman Kav. No. 107 with Building Right Title No. 2940 (see Note 12).

42


On November 2, 2001, the Company obtained credit facility from PT Bank Lippo Tbk with a maximum limit of Rp 1 bilion. The facility has been extended based on the latest agreement No. 273/PK/CSC.CBS/X/05LPL dated October 4, 2005. The term of credit is 12 months starting on October 9, 2005 and will due on October 9, 2006 and bears annual interest of 13.5%. Up to December 31, 2006, the extension of the loan agreement is stil in process.



c.

d.


Pada tanggal 7 Maret 2005, Perusahaan memperoleh fasilitas kredit dari PT Bank Danamon Indonesia Tbk yang terdiri dari fasilitas LC, Bank Garansi dan Committed Demand Loan (Revolving) dengan nilai maksimal sebesar masing-masing Rp 60 milyar, USD 2,000,000 dan Rp 25 milyar. Fasilitas-fasilitas ini berlaku 1 (satu) tahun dan dijamin dengan Deposito Perusahaan dengan persentase tertentu atas bank garansi yang berlaku (Margin Deposit Pledge). Pada tanggal 8 Pebruari 2006 fasilitas ini telah diperbaharui.

c.

Perusahaan terikat dengan beberapa batasan, antara lain Perusahaan harus mendapat persetujuan terlebih dahulu untuk melakukan perubahan pengurus, pemegang saham dan perubahan anggaran dasar Perusahaan.

The Company is required to comply with several restrictions according to loan agreement requirements, among others, the Company is required to obtain a prior written consent to change the composition of its board of directors and commissioners, its stockholders, and its article of association.

Per 31 Desember 2006 dan 2005, saldo atas fasilitas LC dan Commited Demand Loan adalah nihil. Perjanjian ini telah diperpanjang sampai dengan 14 Maret 2007.

As of December 31, 2006 and 2005, the outstanding balance of LC facility and Committed Demand Loan are nil. This agreement has extended until March 14, 2007.

Perusahaan memperoleh fasilitas dari PT Bank Central Asia Tbk yang terdiri dari fasilitas Bank Garansi maksimal sebesar Rp 60 milyar dan USD 1,000,000 dan fasilitas LC sebesar USD 1,000,000. Perjanjian fasilitas ini terakhir diperbaharui pada tanggal 7 april 2006 untuk jangka waktu 1 (satu) tahun. Fasilitas ini dijamin dengan piutang dagang sebesar Rp 50 milyar dan deposito Perusahaan.

d.

Perusahaan terikat dengan beberapa batasan, antara lain Perusahaan harus mendapat persetujuan terlebih dahulu untuk melakukan penggabungan, pengambilalihan atau pembubaran Perusahaan, dan perubahan anggaran dasar, susunan pengurus dan pemegang saham. e.

On March 7, 2005, the Company obtained credit facility from PT Bank Danamon Indonesia Tbk which consists of LC facility, Bank Guarantee and Committed Demand Loan (revolving) with a maximum limit of Rp 60 billion, USD 2,000,000 and Rp 25 billion, respectively. The term of this facility is 1 (one) year and collateralized with the Company= s time deposit. On February 8, 2006, the facility has been extended.

The Company obtained credit facility from PT Bank Central Asia Tbk which consists of Bank Guarantee facility with maximum limit of Rp 60 billion and USD 1,000,000 and LC facility of USD 1,000,000. The facility agreement has been amended several time, most recently on April 7, 2006 for a 1 (one) year period. The facility is collateralized with the Company=s accounts receivable of Rp 50 billion and the Company=s time deposit. The Company is required to comply with several restrictions according to loan agreement requirements, among others, the Company is required to obtain a prior written consent to conduct merger, take over and liquidation and changing its article of association, the composition of its board of directors and commissioners, and its stockholders.

Pada tanggal 29 April 2002, Perusahaan memperoleh fasilitas Bank Garansi dari PT Bank Niaga Tbk sebesar maksimal Rp 28 milyar. Perpanjangan Perjanjian fasilitas ini dilakukan pada tanggal 29 April 2005 untuk jangka waktu 1 (satu) tahun. Fasilitas ini dijamin dengan deposito Perusahaan dengan persentase tertentu atas Bank Garansi yang berlaku (Margin Deposit Pledge). Fasilitas ini telah jatuh tempo pada 29 April 2006 dan tidak diperpanjang.

e.

43

On April 29, 2002, the Company obtained Bank Guarantee facility from PT Bank Niaga Tbk with a maximum limit of Rp 28 billion. The facility agreement has been extended on April 29, 2005 for a 1 (one) year period. The facility is collateralized with the Company=s time deposit (margin deposit pledge). This facility has due on April 29, 2006 and has not been extended.




f.

Pada tanggal 2 Maret 2004, Perusahaan memperoleh fasilitas Bank Garansi dari PT Bank Mega Tbk dengan nilai maksimal sebesar Rp 50 milyar. Perpanjangan fasilitas ini dilakukan pada tanggal 6 Juli 2005 untuk jangka waktu 2 (dua) tahun. Fasilitas ini dijamin dengan deposito Perusahaan.

f.

On March 2, 2004, the Company obtained Bank Guarantee facility from PT Bank Mega Tbk with maximum limit of Rp 50 billion. The facility agreement has been extended on July 6, 2005 for a 2 (two) year period and is collateralized with the Company=s time deposit.

g.

Perusahaan mempunyai komitmen untuk melaksanakan pekerjaan konstruksi, diantaranya adalah sebagai berikut:

g.

The Company has contractual commitment with several customers among others as follows:

No

Nama Proyek/ Projects

1. 2.

The Peak @ Sudirman Apartement Regatta 1

3. 4. 5.

Islamic Center BSD Junction Graha Reformed Millenium

6. 7. 8. 9. 10. 11. 12. 13. 14. 15.

Pearl Garden Apartement Gedung Perpustakaan Riau Mega Tower Palembang Indah Mall PPP Narkoba Sentul Sekolah Binus Serpong Lamin Etam 2 Gedung Kantor Bank NISP Jembatan Pasar Pagi ITC MG 2 Masjid Agung Pasir

16. 17. 18. 19. 20. 21. 22. 23. 24.

Gedung Kantor Ampera DPU dan Kimbangwil Pasir Kantor PT Indoprima Klinik Autis dan Klub Lansia Kantor Bupati Penajam Universitas Mulawarman 2 Bank Mega Cab.Utama Sby Pusdatinkom Tenggarong Gedung Bank Panin Cirebon

Nilai Kontrak/ Value of Contract Rp

Pemberi Kerja/ Owner

482,500,000,000 PT Graha Tunas Mekar 447,150,000,000 BKS Mutiara Buana & PT Prima Perdana Gemilang 428,000,000,000 Panitia Pembangunan Islamic Centre 224,196,948,406 PT Bumi Serpong Damai 172,974,000,000 PT Sukses Majutama Serasi & Gereja Reformed Injili Indonesia 118,512,900,000 PT Wiranusa GT 118,58,000,000 Pemerintah Propinsi Riau 112,101,507,752 PT Bank Mega Tbk 91,601,461,001 PT Musi Lestari I.M 90,000,000,000 Yayasan Kasih Mulia 75,750,000,000 PT Bina Nusantara 55,965,242,000 K. Rehab Lamin Etam 47,287,585,001 PT Bank NISP 44,000,000,000 BKS Pasar Pagi ITC MG 2 41,000,000,000 Panitia Pembangunan Mesjid Agung Nurul Falah Tanah Grogot Kaltim 32,833,297,200 PT Imeco Inter Sarana 30,530,000,000 Pasar Senaken Pasir 30,000,000,000 PT Indoprima Mikroselindo 16,485,000,000 PT Muli Artha Pratama 14,985,465,000 Bendahara Proyek Penajam 14,127,915,000 Depdiknas Universitas Mulawarman 12,000,000,000 PT Bank Mega Tbk 10,558,000,000 PT Bahari Brothers 10,500,000,000 PT Bank Panin Tbk

44


Tenggang Waktu/ Period Expected Mulai/ Selesai/ Start End of Project of Project Jun 21, 2004 Aug 23, 2006

Aug 15, 2007 Aug 23, 2008

Jan 1, 2005 Jun 10, 2005 Jul 21, 2006

Dec 1, 2007 Sep 3, 2006 Nov 21, 2007

Jun 7, 2005 Nov 10, 2006 March 14, 2003 Dec 5, 2005 Dec 1, 2005 Jul 1, 2006 May 20, 2005 Dec 15, 2004 Dec 19, 2005 March 21,2005

Jun 2, 2006 Des 10, 2007 Oct 14, 2006 Jun 5, 2006 Aug 31, 2006 Jul 1, 2007 Dec 20, 2006 March 10, 2006 Nov 18, 2006 Aug 21,2006

Oct 21, 2005 Apr 12, 2005 Jul 6, 2006 Feb 10, 2006 Sep 26, 2005 Jan 17, 2005 Feb 1, 2006 Aug 20, 2005 Feb 21, 2006

Jul 21, 2006 Oct 17, 2006 Sep 30, 2006 Sep 10, 2006 Jul 5, 2006 --Aug 31, 2006 March 20, 2006 Oct 21, 2006




31. Aktiva dan Kewajiban Moneter dalam Mata Uang Asing

31. Assets and Liabilities Denominated in Foreign Currencies

Pada tanggal 31 Desember 2006 dan 2005, Perusahaan mempunyai saldo aktiva dan kewajiban dalam mata uang asing sebagai berikut:

On December 31, 2006 dan 2005 , the monetary assets and liabilities in foreign currencies are as follows:

2006 Mata Uang Asing/ Foreign Currency

Aktiva Kas dan Setara Kas Bank USD SGD Deposito USD Piutang Usaha USD Jaminan USD Jumlah Aktiva Kewajiban Hutang Usaha USD EUR SGD JPY Uang Muka Proyek USD Jumlah Kewajiban Aktiva - Bersih

2005 Ekuivalen Rupiah/ Equivalent in Rupiah

Mata Uang Asing/ Foreign Currency

Ekuivalen Rupiah/ Equivalent in Rupiah

166,309.08 15,574.00

1,500,107,901 91,555,341

230,431.46 26.914.22

2,126,882,401 158,970,725

1,556,024.20

14,035,338,284

2.156.932.68

21,202,648,244

338,462.59

3,052,932,562

372.800.64

3,664,630,291

892,000.00

8,045,840,000 26,725,774,088

--

-27,153,131,661

70,770.87 53,964.46 79,326.80 15,624.00

638,353,247 639,918,661 466,340,839 1,184,226

145.250.39 1.278.87 829.00 --

1,427,811,334 14,917,259 4,896,547 --

88,704.52

800,114,770 2,545,911,744 24,179,862,344

171.521.24

1,686,053,789 3,133,678,929 24,019,452,732

32. Kejadian Setelah Tanggal Neraca

Assets Cash and Cash Equivalents Cash in Banks USD SGD Time Deposits USD Accounts Receivable USD Guarantee Deposits USD Total Assests Liabilities Accounts Payable USD EUR SGD JPY Customers Deposit USD Total Liabilities Assets - Net

32. Subsequent Event

Berdasarkan Keputusan Dewan Komisaris Perusahaan No. 055/IR.01/1/2007, tanggal 24 Januari 2007, para komisaris telah membentuk dan mengangkat Komite Audit sebagai berikut:

Based on the Resolution of the Company’s Board of Commissioners No. 055/IR.01/1/2007, dated January 24, 2007, the commissioners have established and appointed an Audit Committee consists of:

Ketua : Drs. Mustofa, Ak. (Komisaris Independen) Anggota : Alida Basir Astarsis, SE, Ak. Sonis, SE

Chairman: Drs. Mustofa, Ak. (Independent Commissioner) Members : Alida Basir Astarsis, SE, Ak. Sonis, SE

45




33. Informasi Segmen

33. Segment Information Business segment information are as follows:

Informasi segmen usaha adalah sebagai berikut:

2006 Sewa dan Lainnya/ Rental and Others

Konstruksi/ Construction Pendapatan Usaha Pihak Eksternal Hasil Segmen Beban Usaha Laba Usaha Penghasilan Bunga Laba Selisih Kurs - Bersih Bagian Laba Perusahaan Asosiasi Pendapatan (Beban) Lain-lain - Bersih Yang dapat dialokasikan Yang tidak dapat dialokasikan Beban pajak penghasilan

9,072,885,149

1,119,818,423,804

181,386,179,118 44,357,459,866 137,028,719,252

(3,430,984,353) 362,324,335 (3,793,308,688)

177,955,194,766 44,719,784,202 133,235,410,564 7,865,283,495 (2,489,482,472) --

2,751,705,822

--

2,751,705,822 1,530,832,956 (40,631,048,317)

Segment Result Operating Expenses Operating Income Interest Income Gain on Foreign Exchange - Net Income from Associates Others Income (Expenses) - Net Allocated Unallocated Income Tax Expenses

102,262,702,047

Net Income

949,709,260,785 34,412,368,233 16,263,977,987 1,000,385,607,004

Assets Segment Assets Investments Unallocated Assets Total Assets Liabilities Segment Liabilities Unallocated Liabilities Total Liabilities

861,619,808,498

88,089,452,286

861,619,808,498

88,089,452,286

478,086,554,580

1,617,892,035

478,086,554,580

1,617,892,035

479,704,446,615 71,430,384,528 551,134,831,143

Informasi Lainnya Penyusutan

4,058,098,943

1,705,970,934

5,764,069,877

Beban Non Kas selain Penyusutan

2,353,006,166

--

2,353,006,166

Kewajiban Kewajiban Segmen Kewajiban tidak dapat dialokasikan Jumlah Kewajiban

Arus Kas dari Aktivitas Operasi Penerimaan dari Pelanggan Pembayaran kepada Pihak Ketiga Lain-lain

Arus Kas untuk Aktivitas Investasi Arus Kas Dari Aktivitas Pendanaan

Other Information Depreciation Non Cash Transaction Other Than Depreciation Cash Flows from Operating Activities

1,095,454,070,004 (1,010,997,042,107) (70,106,126,380) 14,350,901,517

8,969,873,979 (10,797,898,568) -(1,828,024,589)

1,104,423,943,983 (1,021,794,940,675) (70,106,126,380) 12,522,876,928

(7,843,321,466)

--

(7,843,321,466)

Cash Flows for Investing Activities

--

--

46,608,653,137

Cash Flows from Financing Activities

46


Revenues Third Parties

1,110,745,538,655

Laba Bersih Aktiva Aktiva Segmen Penyertaan Aktiva tidak dapat dialokasikan Jumlah Aktiva

Jumlah/ Total

Cash Received from Customers Cash Paid to Third Parties Others




2005 Sewa dan Lainnya/ Rental and Others

Konstruksi/ Contruction Pendapatan Usaha Pihak Eksternal Hasil Segmen Beban Usaha Laba Usaha Penghasilan Bunga Laba Selisih Kurs - Bersih Bagian Laba Perusahaan Asosiasi Pendapatan (Beban) Lain-lain - Bersih Yang dapat dialokasikan Yang tidak dapat dialokasikan Manfaat (Beban) pajak penghasilan

1,156,351,472,027

Jumlah/ Total

6,330,355,044

115,544,877,156 35,037,431,154 80,507,446,002

2,122,697,190 2,753,259,930 (630,562,740)

117,667,574,346 37,790,691,084 79,876,883,262 5,908,897,006 431,716,401 1,162,632,363

(3,810,003,097)

--

(3,810,003,097) 2,480,091,398 (23,929,875,402)

Segment Result Segment Result Operating Expenses Operating Income Interest Income Gain on Foreign Exchange - Net Income from Associates Others Income (Expenses) - Net Allocated Unallocated Income Tax Benefit (Expenses)

62,120,341,931

Net Income Assets Segment Assets Investments Unallocated Assets Total Assets Liabilities Segment Liabilities Unallocated Liabilities Total Liabilities

Laba Bersih Aktiva Aktiva Segmen Penyertaan Aktiva tidak dapat dialokasikan Jumlah Aktiva

Revenues Third Parties

1,162,681,827,071

637,952,781,364 18,489,014,275

119,273,668,896 --

656,441,795,639

119,273,668,896

757,226,450,260 18,489,014,275 14,865,822,604 790,581,287,139

427,096,929,570 -427,096,929,570

1,540,075,945 -1,540,075,945

428,637,005,515 53,093,795,160 481,730,800,675

Informasi Lainnya Penyusutan

1,267,734,172

2,948,375,202

4,216,109,374

Beban Non Kas selain Penyusutan

3,810,003,097

--

3,810,003,097

Other Information Depreciation Non Cash Transaction Other Than Depreciation

969,135,534,164

5,360,334,509

974,495,868,673

Cash Flows from Operating Activities Cash Received from Customers

(879,728,962,563)

(4,893,408,556)

(884,622,371,119)

Cash Paid to Third Parties

(44,078,609,117)

(210,318,546)

(44,288,927,663)

Others

45,327,962,484

256,607,407

45,584,569,891

1,072,429,925

--

1,072,429,925

Cash Flows from Investing Activities

--

--

--

Cash Flows from Financing Activities

Kewajiban Kewajiban Segmen Kewajiban tidak dapat dialokasikan Jumlah Kewajiban

Arus Kas Dari Aktivitas Operasi Penerimaan Dari Pelanggan Pembayaran Kepada Pihak Ketiga Lain-lain

Arus Kas Dari Aktivitas Investasi Arus Kas Dari Aktivitas Pendanaan

34. Tanggung Jawab Manajemen atas Laporan Keuangan

34.

Manajemen Perusahaan bertanggung jawab atas laporan keuangan yang penyusunannya diselesaikan pada tanggal 20 Maret 2007

Management Responsibility on the Financial Statements

The management of the Company is responsible for the preparation of the financial statements that were completed on March 20, 2007.

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