PT Pan Brothers Tbk dan Anak Perusahaan PT Pan Brothers Tbk and its Subsidiary

Neraca konsolidasian Consolidated balance sheets

Per 31 Desember 2010 dan 2009 As of 31 December 2010 and 2009

(Dalam Rupiah) (In Rupiah)

Catatan/ 2010 2009
Note

Aset Assets

Aset lancar Current assets

Kas dan setara kas
Piutang usaha setelah dikurangi
penyisihan piutang ragu-ragu
sebesar nihil pada 2010
dan 2009
Pihak ketiga
Pihak hubungan istimewa
Piutang lain-lain setelah
dikurangi penyisihan piutang
ragu-ragu sebesar nihil pada
2010 dan 2009
Pihak ketiga
Pihak hubungan istimewa
Persediaan
Pajak dibayar di muka
Beban dibayar di muka
Uang muka
2c,2d, 3, 32 27.317.758.260 14.327.883.646 Cash and cash equivalents
Trade receivables – net of
allowance for doubtful account
amounting to nil in 2010
and 2009
2c,2e, 4, 32 146.967.903.619 110.876.897.054 Third parties
2l, 30, 32 5.250.224.704 11.362.222.119 Related parties
Other receivables – net of
allowance for doubtful account
amounting to nil in
2010 and 2009
2c,2e, 5, 32 15.386.618.127 20.330.768.831 Third parties
2l, 30, 32 13.863.345.348 26.655.745.233 Related parties
2f, 6 381.527.225.454 302.135.966.330 Inventories
2m,7a 22.030.349.620 34.718.275.282 Prepaid taxes
2c,2g, 8 2.635.730.528 1.205.205.129 Prepaid expenses
2c,9, 32 57.156.698.692 75.553.904.442 Advance payments

Jumlah aset lancar 672.135.854.352 597.166.868.066 Total current assets

Aset tidak lancar Non current assets

Investasi jangka panjang 2h, 10 212.250.000 212.250.000 Long term investment

Aset pajak tangguhan bersih
Aset tetap setelah dikurangi
akumulasi penyusutan
Rp 214.805.783.044 dan
Rp 186.511.311.275 per
31 Desember 2010 dan 2009
Aset tidak lancar lain-lain
2m, 7d 5.194.928.008 4.609.647.540 Deferred tax assets - net
Fixed assets net of
accumulated depreciation
of Rp 214.805.783.044 and
Rp186.511.311.275 as of
2i, 11 201.490.527.389 206.895.788.218 31 December 2010 and 2009
2j, 12 8.250.546.700 10.680.691.496 Other non current assets

Jumlah aset tidak lancar 215.148.252.097 222.398.377.254 Total non current assets

Jumlah aset 887.284.106.449 819.565.245.320 Total assets

Lihat catatan atas laporan keuangan konsolidasian yang See accompanying notes to consolidated financial
merupakan bagian yang tidak terpisahkan dari laporan statements, which form an integral part of these
keuangan konsolidasian ini. consolidated financial statements.

1
PT Pan Brothers Tbk dan Anak Perusahaan PT Pan Brothers Tbk and its Subsidiary
Neraca konsolidasian (lanjutan) Consolidated balance sheets (continued)
Per 31 Desember 2010 dan 2009 As of 31 December 2010 and 2009

(Dalam Rupiah) (In Rupiah)

Catatan/ 2010 2009
Note

Kewajiban dan ekuitas Liabilities and equity

Kewajiban lancar Current liabilities
Pinjaman jangka pendek 13, 32 316.704.863.394 352.451.976.636 Short term loans
Hutang usaha Trade payables
Pihak ketiga 14, 32 150.331.982.211 162.711.387.422 Third parties
Pihak hubungan istimewa 2l, 30 1.141.262.640 1.264.465.468 Related parties
Hutang lain-lain Other payables
Pihak ketiga 15, 32 24.781.767.995 33.200.841.346 Third parties
Pihak hubungan istimewa 2l, 30 390.179.057 390.179.057 Related parties
Beban masih harus dibayar 16 9.469.106.604 7.717.771.467 Accrued expenses
Hutang pajak 2m,7b 7.856.258.914 1.062.452.451 Taxes payables
Bagian kewajiban jangka panjang Long term payables
yang jatuh tempo dalam waktu - current maturity
satu tahun
Pinjaman jangka panjang 17, 33 37.136.223.426 34.657.549.036 Long term loans
Sewa 2k,18 76.185.122 116.317.513 Lease
Jumlah kewajiban lancar 547. 887.829.363 593.572.940.396 Total current liabilities

Kewajiban tidak lancar Non current liabilities

Pinjaman jangka panjang 2l,17 133.509.137.555 58.458.635.718 Long term loans
Sewa 2k, 18 92.253.477 - Lease
Kewajiban imbalan paska kerja 2n, 19 38.227.270.859 35.476.884.389 Post employment benefit liability
Jumlah kewajiban tidak lancar 171.828.661.891 93.935.520.107 Total non current liabilities
Jumlah kewajiban 719.716.491.254 687.508.460.503 Total liabilities

Hak minoritas 2b, 20 435.441.777 533.060.337 Minority interests

Ekuitas
Modal saham
Nilai nominal Rp 100 per saham
Modal dasar Rp 178.176.000.000
pada tahun 2010 dan 2009
Ditempatkan dan disetor penuh
sejumlah 445.440.000 lembar saham
pada tahun 2010 dan 2009
Tambahan modal disetor
Saldo laba
Ditentukan penggunaannya
Belum ditentukan penggunaannya
Equity
21 Capital stock
Par value of Rp 100 per share
Authorized capital of
Rp 178,176,000,000 in
2010 and 2009
Issued and paid-in
consisting of 445,440,000
44.544.000.000 44.544.000.000 shares in 2010 and 2009
22 19.463.678.310 19.463.678.310 Additional paid-in capital
Retained earnings
28 7.000.000.000 6.000.000.000 Appropriated
96.124.495.108 61.516.046.170 Unappropriated

Jumlah ekuitas 167.132.173.418 131.523.724.480 Total equity

Jumlah kewajiban dan ekuitas 887.284.106.449 819.565.245.320 Total liabilities and equity

Lihat catatan atas laporan keuangan konsolidasian yang See accompanying notes to consolidated financial
merupakan bagian yang tidak terpisahkan dari laporan statements, which form an integral part of these
keuangan konsolidasian ini. consolidated financial statements.

2
PT Pan Brothers Tbk dan Anak Perusahaan PT Pan Brothers Tbk and its Subsidiary
Laporan laba rugi konsolidasian Consolidated statements of income
Untuk tahun yang berakhir pada tanggal-tanggal For the years ended
31 Desember 2010 dan 2009 31 December 2010 and 2009

(Dalam Rupiah) (In Rupiah)

Catatan/ 2010 2009
Note
Penjualan bersih 2q, 23 1.428.090.019.385 1.593.602.200.888 Net sales
Harga pokok penjualan 2q, 24 1.268.709.998.409 1.435.854.534.904 Cost of goods sold
Laba kotor 159.380.020.976 157.747.665.984 Gross profit
Beban operasi Operating expenses
Beban penjualan 2q, 25 40.374.833.177 45.924.392.259 Selling expenses
Beban umum dan administrasi 2q, 26 59.333.180.574 66.773.192.524 General & administrative expense
Jumlah beban operasi 99.708.013.751 112.697.584.783 Total operating expenses
Laba operasi 59.672.007.225 45.050.081.201 Profit from operations

Pendapatan (beban) lain-lain 27 Other income (expenses)

Pendapatan bunga 757.655.387 180.100.217 Interest income
Laba (rugi) penjualan aset tetap 428.495.464 106.580.976 Gain (loss) on sale of fixed assets
Laba (rugi) selisih kurs, bersih 11.682.501.956 27.329.332.351 Gain (loss) on foreign exchange, net
Beban bunga (28.392.098.087) (37.960.225.503) Interest expenses
Beban penyusutan (941.368.613) (764.380.611) Depreciation expenses
Lain-lain 1.010.684.153 1.275.786.817 Others
Pendapatan (beban) lain-lain, bersih (15.454.129.740) (9.832.805.753) Other income (expenses), net
Laba (rugi) sebelum pajak penghasilan 44.217.877.485 35.217.275.448 Profit (loss) before income tax
Penghasilan (beban) pajak : Tax income (expense) :
Pajak kini 2m, 7c (9.108.040.700) (1.660.555.680) Current tax
Pajak tangguhan 2m, 7d 585.280.467 (153.963.021) Deferred tax
Jumlah beban pajak penghasilan (8.522.760.233) (1.814.518.701) Total income tax expense
Laba bersih sebelum hak Net income before minority
minoritas 35.695.117.252 33.402.756.747 interest

Hak minoritas 2b (86.668.314) (121.146.239) Minority interest

Laba bersih 35.608.448.938 33.281.610.508 Net profit

Laba bersih per saham 2o, 29 79 75 Net earning per share

Lihat catatan atas laporan keuangan konsolidasian yang See accompanying notes to consolidated financial
merupakan bagian yang tidak terpisahkan dari laporan statements, which form an integral part of these
keuangan konsolidasian ini. consolidated financial statements.

3
PT Pan Brothers Tbk dan Anak Perusahaan PT Pan Brothers Tbk and its Subsidiary
Laporan perubahan ekuitas konsolidasian Consolidated statements of changes in equity
Untuk tahun yang berakhir pada tanggal-tanggal For the years ended
31 Desember 2010 dan 2009 31 December 2010 and 2009

(Dalam Rupiah) (In Rupiah)

Tambahan Saldo laba/
modal Retained earnings
disetor/ Ditentukan Belum ditentukan
Catatan/ Modal saham/ Additional Penggunaannya/ Penggunaannya/ Jumlah ekuitas/
Note Capital stock paid-in capital appropriated unappropriated Total equity

Saldo per 1 Januari 2009/

Balance as of 1 January 2009 44.544.000.000 19.463.678.310 6.000.000.000 28.234.435.662 98.242.113.972

Laba (rugi) bersih tahun berjalan

1 Januari 2009-31 Desember 2009/
Net profit (loss) for the year 1 January 2009
-31 December 2009 - - - 33.281.610.508 33.281.610.508

Saldo per 31 Desember 2009/

Balance as of 31 December 2009 44.544.000.000 19.463.678.310 6.000.000.000 61.516.046.170 131.523.724.480

Saldo per 1 Januari 2010/

Balance as of 1 January 2010 44.544.000.000 19.463.678.310 6.000.000.000 61.516.046.170 131.523.724.480

Cadangan umum 28 1.000.000.000 (1.000.000.000)

Laba (rugi) bersih tahun berjalan

1 Januari 2010-31 Desember 2010/
Net profit (loss) for the year 1 January 2010
-31 December 2010 - - - 35.608.448.938 35.608.448.938

Saldo per 31 Desember 2010/

Balance as of 31 December 2010 44.544.000.000 19.463.678.310 7.000.000.000 96.124.495.108 167.132.173.418

Lihat catatan atas laporan keuangan konsolidasian yang See accompanying notes to consolidated financial
merupakan bagian yang tidak terpisahkan dari laporan statements, which form an integral part of these
keuangan konsolidasian ini. consolidated financial statements.

4
PT Pan Brothers Tbk dan Anak Perusahaan PT Pan Brothers Tbk and its Subsidiary
Laporan arus kas konsolidasian Consolidated statements of cash flows
Untuk tahun yang berakhir pada tanggal-tanggal For the years ended
31 Desember 2010 dan 2009 31 December 2010 and 2009

(Dalam Rupiah) (In Rupiah)

Catatan/ 2010 2009
Note

Arus kas dari aktivitas Cash flows from operating

operasi: activities:
Penerimaan kas dari pelanggan 2d,2e,4,5,23 1.416.565.285.349 1.634.707.437.610 Cash receipt from customers
Pembayaran kas kepada pemasok 2f,2g,6,9,14,15 Cash payment to suppliers
dan karyawan 16,23,21,2n,24,25 (1.384.807.827.145) (1.469.674.380.933) and employees
Pembayaran (penerimaan) pajak 7a,7b (1.110.113.162) 2.904.185.657 Tax payment (receipt)
Pembayaran bunga (27.634.442.700) (37.780.125.286) Interest paid
Penerimaan (pembayaran) kas lainnya (17.352.771) 511.406.202 Other cash received (payment)

Kas bersih yang diperoleh dari Net cash provided from

aktivitas operasi 2.995.549.571 130.668.523.250 operating activities

Arus kas dari aktivitas Cash flows from investing

investasi: activities:
Pembelian aset tetap 2i, 11 (26.632.040.476) (18.196.758.125) Purchase of fixed assets
Penjualan investasi Sale investment in
Di Perusahaan asosiasi - 353.750.000 associates Company
Hasil (beban) dari Proceed (cost) from sales of
dari penjualan aset tetap 2i, 11 428.495.464 106.580.976 fixed assets

Kas bersih yang dipergunakan untuk Net cash used in

aktivitas investasi (26.203.545.012) (17.736.427.149) investing activities

Arus kas dari aktivitas Cash flows from financing

pendanaan: activities:
Penambahan (pengurangan) pinjaman Increase (decrease) in loans
jangka pendek 13 (38.023.784.819) (56.309.757.571) short term
jangka panjang 2k,2l,17,18 77.430.414.271 (62.501.287.661) long term
Kas bersih yang diperoleh dari Net cash provided from (used for)
(dipergunakan untuk) aktivitas pendanaan 39.406.629.452 (118.811.045.232) financing activities

Kenaikan (penurunan) kas dan Increase (decrease) in cash and

setara kas 16.198.634.011 (5.878.949.131) cash equivalents

Pengaruh perubahan Effect of rate changes in

kurs mata uang asing (3.208.759.397) (581.222.233) foreign exchange

Saldo awal kas dan Beginning balance of cash and

setara kas 14.327.883.646 20.788.055.010 cash equivalents

Saldo akhir kas dan Ending balance of cash and

setara kas 27.317.758.260 14.327.883.646 cash equivalents

Lihat catatan atas laporan keuangan konsolidasian yang See accompanying notes to consolidated financial
merupakan bagian yang tidak terpisahkan dari laporan statements, which form an integral part of these
keuangan konsolidasian ini. consolidated financial statements.

5
PT Pan Brothers Tbk dan Anak Perusahaan
Catatan atas laporan keuangan konsolidasian
(lanjutan)
(Dalam Rupiah)
1. Umum
a. Pendirian
PT Pan Brothers, Tbk (Perusahaan) didirikan
berdasarkan akta notaris Misahardi Wilamarta,
SH, Jakarta No. 96 tanggal 21 Agustus 1980
kemudian diubah dengan akta notaris No. 58
tanggal 16 Oktober 1980. Akta pendirian tersebut
telah disahkan oleh Menteri Kehakiman Republik
Indonesia dalam surat keputusan tanggal
30 Oktober 1980, No.YA/5/500/II serta
diumumkan dalam Lembaran Berita Negara
Republik Indonesia No. 59. Anggaran Dasar
Perusahaan telah mengalami beberapa kali
perubahan yang terakhir berdasarkan Notaris
Fathiah Helmi, SH, dengan akta No. 72 tanggal
20 Juni 2008, mengenai Perubahan seluruh
Anggaran Dasar Perusahaan menyesuaikan
dengan Undang-Undang No. 40 tahun 2007,
tentang Perusahaan Terbatas. Perubahan ini telah
mendapat pengesahan dari Menteri Hukum dan
Hak Asasi Manusia dalam surat keputusan
No. AHU-07894.AH.01.02 Tahun 2009 tanggal
19 Maret 2009 .
Perusahaan dan pabrik berlokasi di Jl. Siliwangi
No. 178 Alam Jaya, Jatiuwung, Tangerang dan
mempunyai cabang di Jl. HOS Cokroaminoto,
Pucang Sawit, Jebres, dan Jl. Raya Solo-Sragen,
Jawa Tengah.
Sesuai dengan pasal 3 Anggaran Dasar
Perusahaan, ruang lingkup kegiatan Perusahaan
meliputi perindustrian, perdagangan hasil usaha
industri tersebut, mengimpor alat-alat,
pengangkutan dan perwakilan atau keagenan,
jasa pengelolaan dan penyewaan gedung
perkantoran, taman hiburan atau rekreasi dan
kawasan berikat. Perusahaan berkedudukan di
Tangerang, dan berusaha di industri garmen.
Jumlah karyawan tetap Perusahaan dan Anak
Perusahaan untuk tahun yang berakhir pada
tanggal-tanggal 31 Desember 2010 dan 2009
rata-rata 11.168 dan 11.115 karyawan.
6
PT Pan Brothers Tbk and its Subsidiary
Notes to consolidated financial statements
(continued)
(In Rupiah)
1. General
a. Establishment
PT Pan Brothers, Tbk (the Company) was
established based on notarial deed of Misahardi
Wilamarta, SH, Jakarta No. 96 dated 21 August
1980 then amended with notarial deed No. 58
dated 16 October 1980. The articles of
association were approved by the Minister of
Justice of the Republic of Indonesia in decree
dated 30 October 1980, No. YA/5/500/II and was
published in the State Gazette of the Republic of
Indonesia No. 59. The Company’s Articles of
Association have been amended for several times
and the latest amendment was based on notarial
deed of Fathiah Helmi, SH, under the deed No.
72 dated 20 June 2008 about the amendment of
The Company’s Articles of Association in order to
comply with Law No. 40 Year 2007 regarding the
Limited Liability Company. The ammedment was
approved by the Minister of Law and Human
Rights in decision letter No. AHU-
07894.AH.01.02 Year 2009 dated 19 March 2009.
The Company and its factory are located in
Jl. Siliwangi No. 178 Alam Jaya Jatiuwung,
Tangerang and have branches at Jl. HOS
Cokroaminoto, Pucang Sawit,Jebres and
Jl. Raya Solo-Sragen, Central Java.
According to article 3 of the Company’s Articles
of Association, the scopes of the Company’s
activities are industry, distribution of products,
import of equipment, transportation and
representative or agency, office building
management and rental, recreation business and
bonded zone. The Company is located in
Tangerang and engaged in garment industry. The
Company and it Subsidiary had average total
permanent employees for the years ended
31 December 2010 and 2009 of 11.168 and
11.115 respectively.
PT Pan Brothers Tbk dan Anak Perusahaan PT Pan Brothers Tbk and its Subsidiary
Catatan atas laporan keuangan konsolidasian Notes to consolidated financial statements
(lanjutan) (continued)
(Dalam Rupiah) (In Rupiah)

1. Umum (lanjutan) 1. General (continued)

b. Susunan pengurus b. Board of commissioners and directors
Susunan pengurus Perusahaan adalah sebagai The composition of the Company’s board of
berikut: commisioners and directors are follows:

Dewan komisaris 2010 2009 Board of Commisioners

Komisaris Utama Tn/Mr. Lee wan Ju Ny/Mrs. Anne Patricia Sutanto (*) President Commissioner
Wakil Komisaris Utama Tn/Mr. Kawiro Susilo Tn/Mr. Budhi Moeljono Vice President Commissioner
Komisaris Tn/Mr. Budhi Hartono Commissioners
Tn/Mr. Tio Liong Khoeng
Tn/Mr. Hartono Setyo
Tn/Mr. Budhi Santoso
Komisaris independen Tn/Mr. Djoko Susanto Tn/Mr. Djoko Susanto Independent Commissioners
Tn/Mr. Prasasto Sudyatmiko
Tn/Mr. Hananta Budianto
Direksi Board of Directors
Direktur Utama Tn/Mr. Ludijanto Setijo Tn/Mr. Lee Wan Ju President Director
Wakil Direktur Utama Ny/Mrs. Anne Patricia Sutanto Tn/Mr. Ludijanto Setijo Vice President Director
Direktur Tn/Mr. Kuo Yu Hsiang (Harry Kuo) Tn/Mr. Kuo Yu Hsiang (Harry Kuo) Directors
Ny/Mrs. Lucia Sitiabudi Hendraka Ny/Mrs. Lucia Sitiabudi Hendraka
Ny/Mrs. Fitri Ratnasari Hartono Ny/Mrs. Fitri Ratnasari Hartono
Ny/Mrs. Lilik Setijo
Komite Audit Audit Committee
Ketua Tn/Mr. Kawiro Susilo Ny/Mrs. Anne Patricia Sutanto Chairman
Anggota Tn/Mr. Sutjipto Budiman Tn/Mr. Sutjipto Budiman Members
Tn/Mr. Bunardy Limanto Tn/Mr. Bunardy Limanto
(*) Merangkap Komisaris independen. (*) Also serve as an independent Commissioner.

Jumlah kompensasi yang diterima oleh Dewan
Komisaris dan Dewan Direksi Perusahaan, untuk tahun
yang berakhir pada tanggal-tanggal 31 Desember 2010
dan 2009 masing-masing sebesar Rp 5.228.823.642 dan
Rp 5.197.596.989.
The total amounts of compensation received by the
Boards of Commissioners and Directors of the
Company for the years ended 31 December 2010
and 2009 amounting to Rp 5.228.823.642 and
Rp 5.197.596.989, respectively

c. Anak perusahaan c. Consolidated subsidiary

Perusahaan memiliki saham anak perusahaan, The Company has direct ownership interest in the
sebagai berikut : following subsidiary :
Persentase kepemilikan/ Tahun operasi
Percentage of ownership komersil/Start of Jumlah aset/Total assets
Anak perusahaan/ Domisili/ Jenis usaha/ Tahun/Year commercial 31 Desember /
December
Subsidiary Domicile Nature of business 2010 2009 operations 2010 2009
PT Pancaprima Tangerang Industri garmen/ 99,56% 99,56% 1988 532.148.462.060 502.422.110.331
Ekabrothers Garment Industry

7
PT Pan Brothers Tbk dan Anak Perusahaan
Catatan atas laporan keuangan konsolidasian
(lanjutan)
(Dalam Rupiah)
1. Umum (lanjutan)
d. Penawaran umum saham Perusahaan
Sesuai dengan surat Ketua Bapepam No. S1-
121/SHM/MK/10/1990 tanggal 16 Agustus
1990 mengenai Pemberitahuan Efektifnya
Pernyataan Pendaftaran, Perusahaan telah
melakukan penawaran umum kepada
masyarakat melalui pasar modal. Sejak tanggal
23 Maret 1992 Perusahaan telah mencatatkan
seluruh saham Perusahaan yang telah
ditempatkan dan disetor penuh di Bursa Efek
Indonesia. Berdasarkan akta notaris Fathiah
Helmi, SH. No. 54 tanggal 20 September 2002
Perusahaan melakukan pemecahan saham
(stock split) sehingga nilai nominal saham
berubah dari Rp 500 menjadi Rp 100 per
saham sehingga modal yang ditempatkan dan
disetor penuh menjadi 384.000.000 lembar
saham dengan jumlah nominal sebesar
Rp 38.400.000.000. Pemecahan saham tersebut
berlaku efektif sejak 15 Januari 2003
Pada tahun 2005 Perusahaan melaksanakan
Penawaran Umum Terbatas I berdasarkan
pernyataan Efektif dari BAPEPAM-LK melalui
surat S-1706/PM/2005 tanggal 29 Juni 2005,
untuk sejumlah 61.440.000 (enam puluh satu
juta empat ratus empat puluh ribu) saham
dengan nilai nominal Rp 100,- (seratus Rupiah)
persaham yang ditawarkan dengan harga
Rp 365,- (tiga ratus enam puluh lima Rupiah)
per saham dengan demikian seluruhnya sejumlah
Rp 22.425.600.000 ( dua puluh dua miliar empat
ratus dua puluh lima juta enam ratus ribu
Rupiah)
Dana hasil Penawaran Umum Terbatas I setelah
dikurangi beban yang berhubungan dengan
Penawaran Umum Terbatas I, digunakan untuk
membeli 99% saham pada PT Pancaprima
Ekabrothers.
8
PT Pan Brothers Tbk and its Subsidiary
Notes to consolidated financial statements
(continued)
(In Rupiah)
1. General (continued)
d. Public offering of the Company’s shares
Based on the letter from the Chairman of Capital
Market Supervisory Board (BAPEPAM) No. S1-
121/SHM/MK/10/1990 dated 16 August 1990
regarding notice of effectivity of registration, the
Company has offered its shares to public through
the capital market. Since 23 March 1992 the
Company has listed its issued and paid-up
capital shares in the Indonesia Stock Exchange.
Based on notarial deed No. 54 of Fathiah Helmi,
SH., dated 20 September 2002, the Company
performed stock split, therefore par value the
shares has been changed from Rp 500 to Rp 100
per share, therefore the issued and paid–up
capital became 384,000,000 shares with nominal
value of Rp 38,400,000,000. The stock split was
valid effectively since 15 January 2003.
In 2005 the Company implement the Rights Issue
I based on the statement of BAPEPAM-LK
Effective through S-1706/PM/2005 letter dated
June 29, 2005, for a number of 61,440,000
(sixty-one million four hundred forty thousand)
shares with a nominal value USD 100, - (one
hundred Rupiah) per share offered a price of
Rp 365, - (three hundred and sixty-five rupiah)
per share thus totaling to Rp 22,425,600,000
(twenty two billion four hundred twenty-five
million six hundred thousand rupiah )
The fund raised from Right Issue 1 net of
expenses related to Right Issue 1, was used to
purchase 99% shares in PT Pancaprima
Ekabrothers.
PT Pan Brothers Tbk dan Anak Perusahaan
Catatan atas laporan keuangan konsolidasian
(lanjutan)
(Dalam Rupiah)
1. Umum (lanjutan)
d. Penawaran umum saham Perusahaan
Pada tanggal 22 Desember 2010, Perusahaan
memperoleh penyertaan efektif dari BAPEPAM-
LK untuk melaksanakan Penawaran Umum
Terbatas (PUT II) untuk sejumlah 445.440.000
(empat ratus empat puluh lima juta empat ratus
empat puluh ribu) saham dengan nilai nominal
Rp 100 (seratus rupiah) per saham yang
ditawarkan dengan harga Rp 1.350 (seribu tiga
ratus lima puluh rupiah) per saham, dengan
demikian seluruhnya berjumlah
Rp 601.344.000.000 (enam ratus satu miliar tiga
ratus empat puluh empat juta rupiah).
PUT II ini disertai dengan penerbitan Waran Seri
I yakni efek yang memberikan hak kepada
pemegangnya untuk membeli saham biasa
bernilai nominal Rp 100 (seratus rupiah) setiap
sahamnya dengan harga pelaksanaan sebesar
Rp 1.600 ( seribu enam ratus rupiah) yang dapat
di laksanakan selama periode Waran Seri I yaitu
mulai tanggal 7 Juli 2011 sampai dengan
7 Januari 2013, dimana setiap pemegang 3 (tiga)
saham baru hasil pelaksanaan PUT II berhak
untuk memiliki 1 (satu) Waran Seri I untuk
membeli 1 (satu) saham baru. Jumlah Waran
Seri I yang ditawarkan dalam PUT II adalah
148.480.000 (seratus empat puluh delapan juta
empat ratus delapan puluh ribu) waran,
seluruhnya berjumlah Rp 237.568.000.000 (dua
ratus tiga puluh tujuh miliar lima ratus enam
puluh delapan juta rupiah). Bila Waran Seri I
tidak dilaksanakan sampai habis periode
pelaksanaanya, maka Waran Seri I tersebut
menjadi kadaluarsa, tidak bernilai dan tidak
berlaku.
Hasil PUT II yang berakhir tanggal 19 Januari
2011 adalah sebanyak 320.525.000 (tiga ratus
dua puluh juta lima ratus dua puluh lima ribu)
saham biasa baru dengan nilai nominal Rp. 100
(seratus rupiah) per saham, dengan harga
Rp 1.350 (seribu tiga ratus lima puluh rupiah)
per saham atau sebanyak Rp. 432.708.750.000
(empat ratus tiga puluh dua miliar tujuh ratus
delapan juta tujuh ratus lima puluh ribu rupiah).
Waran yang diterbitkan sebanyak 106.841.640
(seratus enam juta delapan ratus empat puluh
satu ribu enam ratus empat puluh) waran.
9
PT Pan Brothers Tbk and its Subsidiary
Notes to consolidated financial statements
(continued)
(In Rupiah)
1. General (continued)
d. Public offering of the Company’s shares
On 22 December 2010, the Company obtained
effective statement from BAPEPAM-LK offer its
share to public through Right Issue II,
445.440.000 (four hundred forty five million four
hundred four hundred and forty thousand) shares
with nominal value of Rp. 100 (one hundred
rupiah) per share at offering price of Rp. 1.350
(one thousand three hundred and fifty rupiah)
per share totaling Rp. 601.344.000.000 (six
hundred one billion three hundred and forty four
milion rupiah).
The Right Issue II is accompanied by issuance of
Seri I Warrants, which give the holder a right to
purchase new shares with nominal value of
Rp 100 (one hundred rupiah) per share at
exercise price of Rp. 1.600 (one thousand and six
hundred rupiah) which can be exercised during
the Seri I Warrant period of 7 July 2011 to
7 January 2013, whereby each holder of 3
(three) new shares from Right Issue II is entitled
to 1 (one) Seri I Warrants to purchase 1 (one)
new share. Total Seri I Warrants offered in Right
Issue II is 148.480.000 (one hundred forty eight
million four hundred and eighty thousand)
warrants, totaling Rp 237.568.000.000 (two
hundred thirty seven billion five hundred and
sixty eight million rupiah). If the warrants are
not exercised until the expiration of exercise
period, such warrants become expired, valueless,
and have no benefits to the holder.
Upon Completion of the Right Issue II on
19 January 2011, there are 320.525.000 (three
hundred twenty million five hundred and twenty
five thousand) new shares with nominal value of
Rp. 100 (one hundred rupiah) per share, at price
of Rp. 1.350 (one thousand three hundred and
fifty rupiah), totaling Rp. 432.708.750.000 (four
hundred thirty two billion seven hundred eight
million seven hundred and fifty thousand rupiah).
Warrants issued amounted to 106.841.640 (one
hundre six million eight hundred forty one
thousand six hundred and forty) warrants.
PT Pan Brothers Tbk dan Anak Perusahaan
Catatan atas laporan keuangan konsolidasian
(lanjutan)
(Dalam Rupiah)
1. Umum (lanjutan)
d. Penawaran umum saham Perusahaan
Dana hasil Penawaran Umum Terbatas II setelah
dikurangi beban yang berhubungan dengan
Penawaran Umum Terbatas II, akan digunakan
untuk penyertaan di anak perusahaaan , pembelian
tanah dan bangunan, pembelian mesin dan modal
kerja.
2. Kebijakan akuntansi
a. Penyajian laporan keuangan konsolidasian
Laporan keuangan konsolidasian disusun dengan
menggunakan prinsip dan praktek akuntansi
yang berlaku umum di Indonesia, yaitu Standar
Akuntansi Keuangan dan Peraturan Badan
Pengawas Pasar Modal dan Lembaga Keuangan
(BAPEPAM-LK).
Laporan keuangan konsolidasian tersebut
disusun berdasarkan nilai historis, kecuali
beberapa akun tertentu disusun berdasarkan
pengukuran lain sebagaimana diuraikan dalam
kebijakan akuntansi masing-masing akun
tersebut.
Laporan arus kas konsolidasian disusun dengan
menggunakan metode langsung dengan
mengelompokkan arus kas dalam aktivitas
operasi investasi dan pendanaan.
Mata uang pelaporan yang digunakan untuk
penyusunan laporan keuangan konsolidasian
adalah mata uang Rupiah (Rp).
b. Prinsip konsolidasian
Laporan keuangan konsolidasian meliputi
laporan keuangan Perusahaan dan anak
perusahaan dengan pemilikan langsung lebih dari
50%. Saldo dan transaksi termasuk
keuntungan/kerugian yang belum direalisasi atas
transaksi antar perusahaan dieliminasi untuk
mencerminkan posisi keuangan dan hasil usaha
Perusahaan dan anak perusahaan sebagai satu
kesatuan usaha.
Hak minoritas atas laba/rugi bersih dan ekuitas
anak perusahaan dinyatakan sebesar proporsi
pemegang saham minoritas atas laba/rugi bersih
dan ekuitas anak perusahaan tersebut.
10
PT Pan Brothers Tbk and its Subsidiary
Notes to consolidated financial statements
(continued)
(In Rupiah)
1. General (continued)
d. Public offering of the Company’s shares
The fund raised from Right Issue II net of expenses
related to Right Issue II, was used to for investments
in Subsidiaries, the purchase of land and building,
purchase of machineries, purchase of machineries
and working capital.
2. Summary of significant accounting policies
a. Consolidated financial statement presentation
The consolidated financial statements have been
prepared using accounting principles and
reporting practices generally accepted in
Indonesia which is Financial Accounting
Standards and regulation of the Capital Market
Supervisory Agency and Financial Institution
(BAPEPAM-LK).
The consolidated financial statements are
prepared based on the historical cost basis,
except for certain accounts which are measured
on the basis described in the related accounting
policies.
The consolidated statements of cash flows are
prepared using the direct method which
classifies cash flows into operating, investing
and financing activities.
The reporting currency used in the preparation
of the consolidated financial statements is the
Indonesian Rupiah (Rp).
b. Principles of consolidation
The consolidated financial statements include the
financial statements of the Company and its
subsidiary wherein the Company has direct
ownership interest of more than 50%.
Intercompany balances and transactions
including unrealized gains or losses on
intercompany transactions are eliminated to
reflect the financial position and the results of
operations of the Company and its subsidiary as
one business entity.
Minority interest in net income/loss and equity of
the subsidiary are stated on a proportional basis
of the minority shareholders on net income/loss
and equity of the subsidiary.
PT Pan Brothers Tbk dan Anak Perusahaan PT Pan Brothers Tbk and its Subsidiary
Catatan atas laporan keuangan konsolidasian Notes to consolidated financial statements
(lanjutan) (continued)
(Dalam Rupiah) (In Rupiah)

2. Kebijakan akuntansi (lanjutan) 2. Summary of significant accounting policies

(continued)

c. Transaksi dan penjabaran laporan c. Foreign currency transactions and translation

keuangan dalam mata uang asing
Pembukuan Perusahaan, diselenggarakan dalam
mata uang Rupiah. Transaksi-transaksi selama
tahun berjalan dalam mata uang asing dicatat
dengan kurs yang berlaku pada saat terjadinya
transaksi. Pada tanggal neraca, aset dan
kewajiban moneter dalam mata uang asing
disesuaikan untuk mencerminkan kurs yang
berlaku pada tanggal tersebut. Keuntungan atau
kerugian kurs yang timbul dikreditkan atau
dibebankan dalam laporan laba rugi tahun yang
bersangkutan.
The books of accounts of the Company, are
maintained in Indonesian Rupiah. Transactions
during the year involving foreign currencies are
recorded at the rates of exchange prevailing at
the time the transactions are made. At balance
sheet date, monetary assets and liabilities
denominated in foreign currencies are adjusted
to reflect the rates of exchange prevailing at that
date. The resulting gains or losses are credited
or charged to current operations.

22-3-2011 31-12-2010 31-12-2009

1 HKD 1.117 1.155 1.212 HKD 1
1 SGD 6.877 6.981 6.699 SGD 1
1 JPY 10.748 11.029 10.170 JPY 1
1 NTD 296 307 293 NTD 1
1 GBP 14.202 13.894 15.114 GBP 1
1 EUR 12.383 11.956 13.510 EUR 1
1 USD 8.710 8.991 9.400 USD 1
1 THB 288 299 282 THB 1

d. Kas dan setara kas d. Cash and cash equivalents

Kas dan setara kas terdiri dari kas, bank dan
semua investasi yang jatuh tempo dalam waktu
tiga bulan atau kurang dari tanggal
penempatannya dan yang tidak dijaminkan serta
tidak dibatasi penggunaannya.
Cash and cash equivalents consist of cash on
hand and in banks and all unrestricted
investments with maturities of three months or
less from the date of placement.

e. Piutang usaha e. Trade receivables

Piutang usaha disajikan dalam jumlah yang
diharapkan dapat tertagih. Penyisihan piutang
ragu-ragu dibentuk berdasarkan hasil penelaahan
atas keadaan piutang masing-masing pelanggan
pada akhir tahun.
Trade receivables are stated at amount expected
to be collected. Allowance for doubtful accounts
is provided based on a review of the collectibility
of the individual receivable accounts at the end of
the year.

1
1
PT Pan Brothers Tbk dan Anak Perusahaan
Catatan atas laporan keuangan konsolidasian
(lanjutan)
(Dalam Rupiah)
2. Kebijakan akuntansi (lanjutan)
f. Persediaan
Persediaan dinyatakan berdasarkan beban
perolehan atau nilai realisasi bersih, mana yang
lebih rendah. Beban perolehan ditentukan
dengan metode Masuk Pertama Keluar Pertama
(FIFO) untuk bahan baku, barang jadi dan
barang dalam proses, dan suku cadang dinilai
berdasarkan harga perolehan dengan
menggunakan metode rata-rata.
Persediaan barang jadi merupakan persediaan
yang sudah dibungkus sampai gudang barang
jadi di kawasan berikat Tangerang dan siap
untuk diekspor sedangkan persediaan yang
belum dibungkus dan belum sampai di gudang
barang jadi di kawasan berikat Tangerang masih
diakui sebagai persediaan barang dalam proses.
Penyisihan persediaan usang ditentukan
berdasarkan hasil penelaahan terhadap keadaan
persediaan pada akhir periode.
g. Beban dibayar dimuka
Beban dibayar dimuka diamortisasi selama
manfaat masing-masing beban dengan
menggunakan metode garis lurus.
h. Investasi pada Perusahaan assosiasi
Investasi dalam bentuk penyertaan saham pada
perusahaan lain dengan persentase kepemilikan:
a. Kurang dari 20% dicatat sebesar nilai
terendah antara harga perolehan dan nilai
wajar yang dapat direalisasikan.
b. Paling sedikit 20% tetapi tidak melebihi 50%
dicatat dengan menggunakan metode ekuitas.
c. Lebih dari 50% dikonsolidasikan
12
PT Pan Brothers Tbk and its Subsidiary
Notes to consolidated financial statements
(continued)
(In Rupiah)
2. Summary of significant accounting policies
(continued)
f. Inventories
Inventories are stated at cost or net realizable
value, whichever is lower. Cost is determined
using the First In First Out (FIFO) method for
raw material, finished goods and work in
process, and spare parts are valued at
acquisition cost on an average basis.
Inventories of finished goods represent the
packed inventories in the warehouse of finished
goods at Tangerang bonded area and ready to
be exported, meanwhile unpacked inventories
which have not yet arrived in the warehouse of
finished goods at Tangerang bonded area, are
recognized as inventories of goods in process.
Allowance of obsolete inventories is determined
based on review result of the condition of
inventories at the end of the period
g. Prepaid expenses
Prepaid expenses are amortized over their
beneficial periods using the straight-line method.
h. Investment in associates Company
Investment in shares of stock in other companies
with percentage of ownership :
a. Less than 20% are stated at the lower of cost
or net realizable value.
b. At least 20% but not exceeding 50% are
accounted for using the equity method.
c. More than 50% are consolidated
PT Pan Brothers Tbk dan Anak Perusahaan PT Pan Brothers Tbk and its Subsidiary
Catatan atas laporan keuangan konsolidasian Notes to consolidated financial statements
(lanjutan) (continued)
(Dalam Rupiah) (In Rupiah)

2. Kebijakan akuntansi (lanjutan) 2. Summary of significant accounting policies

(continued)
i. Aset tetap - pemilikan langsung i. Fixed assets – direct acquisition

Perusahaan memilih model biaya dalam
kebijakan akuntansi aset tetap dimana aset tetap
dicatat berdasarkan biaya perolehan setelah
dikurangi akumulasi penyusutan, dan disusutkan
dengan menggunakan metode garis lurus dengan
masa manfaat masing-masing jenis aset sebagai
berikut :
The Company has chosen cost model in
accounting policy of fixed assets which are
stated at cost less accumulated depreciation. The
depreciation is computed using the straight line
method, based on estimated useful life of the
assets as follows :

Masa manfaat/
Useful life

Gedung/building 20-25 tahun/years

Prasarana/Infrastructure 5-10 tahun/years
Instalasi listrik, air dan gas/Electricity, water and gas instalation 10 tahun/years
Mesin/Machinery 5-10 tahun/years
Peralatan dan perlengkapan pabrik/Factory equipment and supplies 5-10 tahun/years
Kendaraan/Vehicles 5 tahun/years
Inventaris/Peralatan kantor/kantin/Furniture/Office equipment
Canteen equipment 5 tahun/years

Beban pemeliharaan dan perbaikan dibebankan
pada laporan laba rugi konsolidasi pada saat
terjadinya. Pengeluaran yang memperpanjang
masa manfaat atau memberi manfaat ekonomis
di masa yang akan datang dalam bentuk
peningkatan kapasitas, mutu produksi atau
peningkatan standar kinerja dikapitalisasi.
Repairs and maintenance expenses are charged
in the consolidated statement of income as
incurred. Expenditures which extend the useful
life of the assets or result in increasing future
economic benefits such as increase in capacity
improvement, the quality of output or standard of
performance are capitalized.

Aset tetap yang sudah tidak digunakan lagi atau
yang dijual dikeluarkan dari kelompok aset tetap
berikut akumulasi penyusutannya. Keuntungan
atau kerugian dari penjualan aset tetap tersebut
dibukukan dalam laporan laba rugi pada tahun
yang bersangkutan.
When fixed assets are retired or otherwise
disposed of, their carrying value and the related
accumulated depreciation are removed from the
accounts. Any resulting gain or loss is reflected
in the current operations.

1
3
PT Pan Brothers Tbk dan Anak Perusahaan
Catatan atas laporan keuangan konsolidasian
(lanjutan)
(Dalam Rupiah)
2. Kebijakan akuntansi (lanjutan)
i. Aset tetap - pemilikan langsung (lanjutan)
Apabila manfaat ekonomi suatu aset tetap tidak
lagi sebesar jumlah tercatatnya, maka aset
tersebut harus dinyatakan sebesar jumlah yang
sepadan dengan nilai manfaat ekonomi yang
tersisa. Penurunan nilai kegunaan aset tetap
tersebut dilaporkan sebagai kerugian tahun
berjalan.
Aset dalam penyelesaian dinyatakan sebesar
biaya perolehan. Akumulasi biaya perolehan aset
dalam penyelesaian akan dipindahkan ke
masing-masing aset tetap bila telah selesai dan
siap untuk digunakan.
j. Beban tangguhan
Biaya yang terjadi sehubungan dengan
pengurusan hak legal atas tanah ditangguhkan
dan diamortisasi selama masa manfaat 30 tahun
dengan menggunakan metode garis lurus.
k. Sewa
Sesuai dengan PSAK No. 30 (revisi 2007),
klasifikasi sewa didasarkan atas sejumlah risiko
dan manfaat yang terkait dengan kepemilikan
aset sewaan berada pada lessor atau lessee
dengan mengklasifikasikan sewa sebagai sewa
operasi atau sewa pembiayaan.
l. Transaksi hubungan istimewa
Pihak-pihak yang mempunyai hubungan
istimewa adalah:
1. Perusahaan baik langsung maupun melalui
satu atau lebih perantara, mengendalikan,
atau dikendalikan oleh, atau berada di bawah
pengendalian bersama, dengan Perusahaan
(termasuk holding companies, subsidiaries
dan fellow subsidiaries);
2. Perusahaan asosiasi;
3. Perorangan yang memiliki, baik secara
langsung maupun tidak langsung, suatu
kepentingan hak suara di Perusahaan yang
berpengaruh secara signifikan, dan anggota
keluarga dekat dari perorangan tersebut
(yang dimaksudkan dengan anggota keluarga
dekat adalah mereka yang dapat diharapkan
mempengaruhi atau dipengaruhi perorangan
tersebut dalam transaksinya dengan
perusahaan);
14
PT Pan Brothers Tbk and its Subsidiary
Notes to consolidated financial statements
(continued)
(In Rupiah)
2. Summary of significant accounting policies
(continued)
i. Fixed assets – direct acquisition (continued)
When the carrying amount of an asset exceeds its
estimated recoverable amount, the asset is
written down to its estimated recoverable
amount, which is determined as the higher price
of net selling price or value in use. The decrease
of the usage value of fixed asset is reported as
current year loss.
Construction in progress is stated at cost. The
accumulated costs of construction in progress
are transferred to the respective fixed asset when
completed and the asset is ready for use.
j. Deferred charges
Expenditures related to legal processing of
landrights are deferred and amortized using the
straight-line method over 30 years benefited.
k. Leases
Based on SFAS 30 (revised 2007), lease
classification is based on risk and the benefit
related to ownership of leased assets lies on
lessor or lessee by classifying lease as operating
lease or financial lease.
l. Related parties transactions
Related parties are:
1. Companies that directly, or indirectly
through one or more intermediaries, control,
or are controlled by, or are under common
control with, the Company (including holding
companies, subsidiaries and fellow
subsidiaries);
2. Associated companies;
3. Individuals owning, directly or indirectly, an
interest in the voting power of the Company
that gives them significant influence over the
Company, and close members of the family of
any such individuals (close members of the
family are those who can influence or can be
influenced by such individuals in their
transactions with the Company);
PT Pan Brothers Tbk dan Anak Perusahaan
Catatan atas laporan keuangan konsolidasian
(lanjutan)
(Dalam Rupiah)
2. Kebijakan akuntansi (lanjutan)
l. Transaksi hubungan istimewa (lanjutan)
4. Karyawan kunci, yaitu orang-orang yang
mempunyai wewenang dan tanggung jawab
untuk merencanakan, memimpin dan
mengendalikan kegiatan Perusahaan, yang
meliputi anggota dewan komisaris, direksi
dan manajer dari Perusahaan serta anggota
keluarga dekat orang-orang tersebut; dan
5. Perusahaan di mana suatu kepentingan
substansial dalam hak suara dimiliki baik
secara langsung maupun tidak langsung oleh
setiap orang yang diuraikan dalam butir (3)
atau (4), atau setiap orang tersebut
mempunyai pengaruh signifikan atas
perusahaan tersebut. Ini mencakup
perusahaan-perusahaan yang dimiliki anggota
dewan komisaris, direksi atau pemegang
saham utama dari Perusahaan dan
perusahaan-perusahaan yang mempunyai
anggota manajemen kunci yang sama dengan
Perusahaan.
Semua transaksi dengan pihak-pihak yang
mempunyai hubungan istimewa, baik yang
dilakukan dengan atau tidak dengan tingkat
bunga atau harga, persyaratan dan kondisi yang
sama sebagaimana dilakukan dengan pihak
ketiga, diungkapkan dalam laporan keuangan
m. Pajak penghasilan
Berdasarkan PSAK No. 46 beban pajak kini
ditentukan berdasarkan laba kena pajak dalam
periode yang bersangkutan yang dihitung
berdasarkan tarif pajak yang berlaku.
Aset dan kewajiban pajak tangguhan diakui atas
konsekuensi pajak periode mendatang yang
timbul dari perbedaan antara jumlah tercatat aset
dan kewajiban menurut laporan keuangan
dengan dasar pengenaan pajak aset dan
kewajiban. Kewajiban pajak tangguhan diakui
untuk semua perbedaan temporer kena pajak dan
aset pajak tangguhan diakui untuk perbedaan
temporer yang boleh dikurangkan, sepanjang
besar kemungkinan dapat dimanfaatkan untuk
mengurangi laba kena pajak pada masa datang.
1
5
PT Pan Brothers Tbk and its Subsidiary
Notes to consolidated financial statements
(continued)
(In Rupiah)
2. Summary of significant accounting policies
(continued)
l. Related parties transactions (continued)
4. Key management personnels who have
authority and responsibility for planning,
directing and controlling the Company’s
activities, including commissioners,
directors and managers of the Company and
close members of their families; and
5. Companies in which a substantial interest in
the voting power is owned, directly or
indirectly, by any person described in point
(3) or (4) or over which such a person is
able to exercise significant influence. This
includes companies owned by
commissioners, directors or major
stockholders of the Company and companies
which have a common key member of
management as the Company.
All transactions with related parties, whether or
not made at similar terms and conditions as
those done with third parties, are disclosed in
the financial statements.
m. Income tax
Under SFAS No. 46 current tax expense is
determined based on the taxable income for the
year computed using prevailing tax rates.
Deferred tax assets and liabilities are
recognized for the future tax consequences
attributable to differences between the financial
statement carrying amounts of existing assets
and liabilities and their respective tax bases.
Deferred tax liabilities are recognized for all
taxable temporary differences and deferred tax
assets are recognized for deductible temporary
differences to the extent that it is probable that
taxable income will be available in future
periods against which the deductible temporary
differences can be utilized.
PT Pan Brothers Tbk dan Anak Perusahaan
Catatan atas laporan keuangan konsolidasian
(lanjutan)
(Dalam Rupiah)
2. Kebijakan akuntansi (lanjutan)
m. Pajak penghasilan (lanjutan)
Pajak tangguhan diukur dengan menggunakan
tarif pajak yang berlaku atau secara substansial
telah berlaku pada tanggal neraca. Perubahan
nilai tercatat aset dan kewajiban pajak tangguhan
yang disebabkan oleh perubahan tarif pajak
dibebankan pada tahun berjalan, kecuali untuk
transaksi-transaksi yang sebelumnya telah
langsung dibebankan atau dikreditkan ke
ekuitas.
Aset dan kewajiban pajak tangguhan disajikan di
neraca atas dasar kompensasi sesuai dengan
penyajian aset dan kewajiban pajak kini, kecuali
aset dan kewajiban pajak tangguhan untuk
entitas yang berbeda.
n. Imbalan paska kerja
Perusahaan memberikan imbalan paska kerja
imbalan pasti untuk karyawannya sesuai dengan
Kesepakatan Kerja Bersama/Peraturan
Perusahaan serta sesuai dengan UU Tenaga kerja
No 13/2003.
Perhitungan imbalan paska kerja menggunakan
metode Projected Unit Credit. Akumulasi
keuntungan dan kerugian aktuarial bersih yang
belum diakui yang melebihi jumlah yang lebih
besar diantara 10% dari nilai kini imbalan pasti
dan 10% nilai wajar aset program diakui dengan
metode garis lurus selama rata-rata sisa masa
kerja yang diperkirakan dari para pekerja dalam
program tersebut.
Beban jasa lalu dibebankan langsung apabila
imbalan tersebut menjadi hak atau vested dan
sebaliknya akan diakui sebagai beban dengan
metode garis lurus selama periode rata-rata
sampai imbalan tersebut menjadi hak.
Jumlah yang diakui sebagai imbalan pasti di
neraca merupakan nilai kini kewajiban imbalan
pasti disesuaikan dengan keuntungan dan
kerugian aktuarial yang belum diakui, beban jasa
lalu yang belum diakui dan nilai wajar aset
program.
16
PT Pan Brothers Tbk and its Subsidiary
Notes to consolidated financial statements
(continued)
(In Rupiah)
2. Summary of significant accounting policies
(continued)
m. Income tax (continued)
Deferred tax is calculated at the tax rates that
have been enacted or substantively enacted by
the balance sheet date. Changes in the carrying
amount of deferred tax assets and liabilities due
to a change in tax rates are charged to current
year operations, except to the extent that it
relates to items previously charged or credited to
equity.
Deferred tax assets and liabilities are offset in
the balance sheet in the same manner the current
tax assets and liabilities are presented, except if
these are for different legal entities.
n. Estimated liability for post-employment benefit
The Company provides post employment defined
benefit to its employees in accordance with
Working Agreement/Company's Regulation and
in accordance with Labor law No. 13/2003.
The calculation of post employment benefit is
using Projected Unit Credit Method.
Accumulated net actuarial gain and loss that has
not been recognized exceeding the larger amount
between 10% from present value of defined
benefit and 10% fair value of assets program
were recognized with straight line method during
average of estimated year of services from all
employees in the program.
Prior service expense has been charged directly
when the compensation become rights or vested
and on the contrary will be recognized as
expense with straight line method during average
period until the compensation become vested.
The amount that has been recognized as defined
benefit on balance sheets represents present
value of defined benefit liability, which is
adjusted to unrecognized actuarial gain and loss,
unrecognized prior service expense and fair
value of program assets.
PT Pan Brothers Tbk dan Anak Perusahaan
Catatan atas laporan keuangan konsolidasian
(lanjutan)
(Dalam Rupiah)
2. Kebijakan akuntansi (lanjutan)
o. Laba bersih per saham
Laba per saham dihitung dengan membagi laba
bersih residual dengan jumlah rata-rata
tertimbang saham yang beredar pada tahun yang
bersangkutan.
p. Informasi segmen
Informasi segmen disusun sesuai dengan
kebijakan akuntansi yang dianut dalam
penyusunan dan penyajian laporan keuangan
konsolidasian. Bentuk primer pelaporan segmen
adalah segmen usaha sedangkan segmen
sekunder adalah segmen geografis. Segmen
usaha adalah komponen Perusahaan yang dapat
dibedakan dalam menghasilkan produk atau jasa
(baik produk atau jasa individual maupun
kelompok produk atau jasa terkait) dan
komponen itu memiliki risiko dan imbalan yang
berbeda dengan risiko dan imbalan segmen lain.
Segmen geografis adalah komponen Perusahaan
yang dapat dibedakan dalam menghasilkan
produk atau jasa pada lingkungan (wilayah)
ekonomi tertentu dan komponen itu memiliki
risiko dan imbalan yang berbeda dengan risiko
dan imbalan pada komponen yang beroperasi
pada lingkungan (wilayah) ekonomi lain.
q. Pengakuan pendapatan dan beban
Penjualan barang diakui pada saat barang
diserahkan dan kepemilikan telah beralih kepada
pelanggan.
Pendapatan dari jasa diakui pada saat jasa
diserahkan atau secara signifikan diberikan dan
manfaat jasa tersebut telah beralih kepada
pelanggan.
Pendapatan bunga diakui atas dasar waktu,
pokok dan tingkat bunga berlaku.
Beban diakui pada saat terjadinya atau sesuai
dengan masa manfaatnya (metode akrual).
1
7
PT Pan Brothers Tbk and its Subsidiary
Notes to consolidated financial statements
(continued)
(In Rupiah)
2. Summary of significant accounting policies
(continued)
o. Net earning per share
Earnings per share is computed by dividing net
income with the weighted average number of
shares outstanding during the year.
p. Segment information
Segment information is presented using the
accounting policies adopted in preparing and
presenting the consolidated financial statements.
The primary format in reporting segment
information is based on business segment, while
the secondary segment information is based on
geographical segment. A business segment is a
distinguishable component of the Company that
is engaged in providing product or service
(whether they are individual or a group of
related products or services) and that is subject
to risks and returns that are different from those
of other business segments.
Geographical segment is a distinguishable
component of the Company that is engaged in
providing products or services within a
particular economic environment (area) and that
is subject to risks and returns that are different
from those of components operating in other
economic environments (area).
q. Revenue and expense recognition
Sales of goods are recognized when goods are
delivered and its ownerships have been
transferred to customers.
Revenues from services are recognized when the
services are delivered or the benefits of services
have been transferred to customers.
Interest income is recognized based on time
elapse, principle amount and prevailing interest
rate.
Expenses are recognized when incurred or based
on estimated useful lives (accrual method).
PT Pan Brothers Tbk dan Anak Perusahaan
Catatan atas laporan keuangan konsolidasian
(lanjutan)
(Dalam Rupiah)
2. Kebijakan akuntansi (lanjutan)
r. Penggunaan estimasi
Penyusunan laporan keuangan yang sesuai
dengan prinsip akuntansi yang berlaku umum
mengharuskan manajemen untuk membuat
estimasi dan asumsi yang mempengaruhi jumlah
aset dan kewajiban dan pengungkapan aset dan
kewajiban kontinjen pada tanggal laporan
keuangan serta jumlah pendapatan dan beban
selama periode pelaporan. Hasil yang sebenarnya
mungkin berbeda dari jumlah yang diestimasi.
s. Instrumen keuangan
Efektif tanggal 1 Januari 2010, Perusahaan
dan anak perusahaan telah menerapkan PSAK
50 (revisi 2006), "Instrumen Keuangan:
Penyajian dan Pengungkapan", dan PSAK 55
(revisi 2006), "Instrumen Keuangan: Pengakuan
dan Pengukuran", yang menggantikan PSAK
50, "Akuntansi Investasi Efek Tertentu" dan
PSAK 55 (revisi 1999), "Akuntansi Instrumen
Derivatif dan Aktivitas Lindung Nilai".
s1. Aset keuangan
Aset keuangan dapat diklasifikasikan
sebagai aset keuangan yang diukur pada nilai
wajar melalui laporan laba rugi, pinjaman
yang diberikan dan piutang, investasi yang
dimiliki hingga jatuh tempo, atau aset
keuangan dalam kelompok tersedia untuk
dijual.
Aset keuangan diakui dalam neraca, jika dan
hanya jika Perusahaan menjadi salah satu
pihak dalam ketentuan pada kontrak
instrumen keuangan tersebut.
Pada saat pengakuan awal aset keuangan,
pengukuran dilakukan pada nilai wajarnya.
Dalam hal aset keuangan tidak diukur pada
nilai wajar melalui laporan laba rugi, nilai
wajar tersebut ditambah biaya transaksi yang
diatribusikan secara langsung dengan
perolehan atau penerbitan aset keuangan
tersebut.
18
PT Pan Brothers Tbk and its Subsidiary
Notes to consolidated financial statements
(continued)
(In Rupiah)
2. Summary of significant accounting policies
(continued)
r. Use of estimates
The preparation of the financial statements in
conformity with accounting principles generally
accepted requires management to make
estimates and assumptions that affect the
reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at
the date of the financial statements and the
reported amounts of revenues and expenses
during the reporting period. Actual results could
differ from those estimates.
s. Financial instrument
Effective on 1 January 2010, the Company and
its subsidiary have implemented SFAS 50
(revised 2006), "Financial Instruments:
Presentation and Disclosure", and SFAS 55
(revised 2006), "Financial Instruments:
Recognition and Measurement", which replaces
SFAS 50, "Accounting for Certain Investments
in Securities" and SFAS 55 (revised 1999),
"Accounting for Derivative Instruments and
Hedging Activities”.
s1. Financial assets
Financial assets are classified as either
financial assets measured at fair value
through profit or loss, loans and
receivables, held-to-maturity investments, or
available-for-sale financial assets as
appropriate.
Financial assets are recognized on the
balance sheet when, and only when, the
Company becomes a party to the contractual
provisions of the financial instrument.
When financial assets are recognized
initially, they are measured at fair value. In
the case of financial assets not recognized at
fair value through profit or loss, the fair
value is added directly by atributable
transaction costs or issuance of such
financial assets.
PT Pan Brothers Tbk dan Anak Perusahaan
Catatan atas laporan keuangan konsolidasian
(lanjutan)
(Dalam Rupiah)
2. Kebijakan akuntansi (lanjutan)
s. Instrumen keuangan (lanjutan)
s1. Aset keuangan (lanjutan)
Pembelian atau penjualan aset keuangan
yang reguler diakui dan dihentikan
pengakuannya dengan menggunakan salah
satu di antara akuntansi tanggal perdagangan
atau akuntansi tanggal penyelesaian.
Aset keuangan Perusahaan dan anak
perusahaan meliputi kas dan setara kas,
piutang usaha, piutang lain-lain dan piutang
pihak hubungan istimewa.
Pinjaman yang diberikan dan piutang
Aset keuangan non derivatif dengan
pembayaran tetap atau telah ditentukan dan
tidak mempunyai kuotasi di pasar aktif
diklasifikasikan sebagai pinjaman yang
diberikan dan piutang. Pinjaman yang
diberikan dan piutang diukur sebesar biaya
perolehan diamortisasi dengan menggunakan
metode suku bunga efektif. Keuntungan dan
kerugian diakui dalam laporan laba rugi
konsolidasi pada saat pinjaman yang
diberikan dan piutang dihentikan
pengakuannya atau mengalami penurunan
nilai, demikian juga pada saat proses
amortisasi.
Pinjaman yang diberikan atau piutang
dihentikan pengakuannya saat hak
kontraktual untuk menerima kas dari aset
yang bersangkutan telah berakhir atau
ditransfer. Dalam penghentian pengakuan,
selisih antara nilai terbawa dan jumlah yang
akan diterima diakui dalam laporan laba
rugi.
Perusahaan mengklasifikasikan aset
keuangan berikut sebagai pinjaman yang
diberikan dan piutang:
- Kas dan setara kas.
- Piutang usaha dan piutang lain-lain,
piutang pihak hubungan istimewa.
1
9
PT Pan Brothers Tbk and its Subsidiary
Notes to consolidated financial statements
(continued)
(In Rupiah)
2. Accounting policies (continued)
s. Financial instrument (continued)
s1. Financial assets (continued)
Reguler purchases and sales of financial
assets are recognised and derecognized
using either one of trade date accounting or
settlement date accounting.
Financial assets of the Company and its
subsidiary include cash and cash
equivalents, trade receivables and other
receivables and due from related parties.
Loans and receivables
Non derivative financial assets with fixed or
determinable payments that are not quoted
in an active market are classified as loan
and receivables. Loans and receivables are
measured at amortized cost by using the
effective interest rate. Profits and losses are
recognized in the consolidated income
statements as loans and receivables
derecognized or impaired, as well as during
the process of amortization.
A loan or receivable is derecognised when
the contractual rights to receive cash flows
from the asset have expired or transferred.
On derecognition, the difference between the
carrying amount and the sum of the
consideration received is recognised in the
income statement.
The Company classifies the following
financial assets as loans and receivables:
- Cash and cash equivalents.
- Trade and other receivables, due from
related parties.
PT Pan Brothers Tbk dan Anak Perusahaan
Catatan atas laporan keuangan konsolidasian
(lanjutan)
(Dalam Rupiah)
2. Kebijakan akuntansi (lanjutan)
t. Instrumen keuangan (lanjutan)
s1. Aset keuangan (lanjutan)
Pinjaman yang diberikan dan piutang
(lanjutan)
Pada setiap tanggal neraca, Perusahaan
mengevaluasi apakah terdapat bukti yang
obyektif bahwa aset keuangan atau
kelompok aset keuangan mengalami
penurunan nilai.
Jika terdapat bukti obyektif bahwa kerugian
penurunan nilai telah terjadi atas pinjaman
yang diberikan dan piutang maka jumlah
kerugian tersebut diukur sebagai selisih
antara nilai tercatat aset dengan nilai kini
estimasi arus kas masa depan (tidak
termasuk kerugian kredit di masa depan
yang belum terjadi) yang didiskonto
menggunakan suku bunga efektif awal dari
aset tersebut (yaitu suku bunga efektif yang
dihitung pada saat pengakuan awal). Nilai
tercatat aset tersebut dikurangi, baik secara
langsung maupun menggunakan pos
cadangan. Jumlah kerugian yang terjadi
diakui pada laporan laba rugi.
s2. Kewajiban keuangan
Kewajiban keuangan meliputi hutang usaha
dan hutang lainnya, hutang pihak hubungan
istimewa, pinjaman yang dikenakan bunga.
Kewajiban keuangan diakui dengan nilai
wajar dari jumlah yang akan diterima
dikurangi biaya transaksi yang dapat
langsung diatribusikan dan yang selanjutnya
diukur pada biaya perolehan yang
diamortisasi dengan metode tingkat bunga
efektif.
Kewajiban dihentikan pengakuannya saat
kewajiban tersebut dilepaskan atau
dibatalkan atau berakhir. Selisih antara nilai
tercatat kewajiban keuangan (atau bagian
dari kewajiban keuangan) yang berakhir
atau yang ditransfer pada pihak lain, dengan
jumlah yang dibayarkan termasuk aset non
kas yang ditransfer atau kewajiban yang
ditanggung, diakui dalam laporan laba rugi.
20
PT Pan Brothers Tbk and its Subsidiary
Notes to consolidated financial statements
(continued)
(In Rupiah)
2. Accounting policies (continued)
t. Financial instrument (continued)
s1. Financial assets (continued)
Impairment of financial assets (continued)
At each balance sheet date, The Company
assesses whether there is any objective
evidence that a financial asset or group of
financial assets is impaired.
If there is objective evidence that an
impairment loss on loans and receivables has
been incurred, the amount of the loss is
measured as the difference between the
asset’s carrying amount and the present
value of estimated future cash flows
(excluding future credit losses that have not
been incurred) discounted at the financial
asset’s original effective interest rate (i.e. the
effective interest rate computed at initial
recognition). The carrying amount of the
asset is reduced either directly or use of an
allowance account. The amount of the loss is
recognised in the income statement.
s2. Financial liabilities
Financial liabilities include trade and other
amounts payable, due to related parties, and
interest bearing loans. Financial liabilities
are recognized at fair value of consideration
received less directly attributable transaction
costs and subsequently measured at
amortised cost using the effective interest
method.
The liabilities are derecognised when the
obligation under the liability is discharged or
cancelled or expired. The difference between
the carrying amount of financial liabilities
(or part of a financial liabilities) expired or
transferred to other parties, with the amount
paid including non cash assets to be
transferred or liabilities assumed, is
recognized in the income statement.
PT Pan Brothers Tbk dan Anak Perusahaan PT Pan Brothers Tbk and its Subsidiary
Catatan atas laporan keuangan konsolidasian Notes to consolidated financial statements
(lanjutan) (continued)
(Dalam Rupiah) (In Rupiah)

3. Kas dan setara kas 3. Cash and cash equivalents

Saldo kas dan setara kas per 31 Desember 2010 dan Cash and cash equivalents as of 31 December 2010
2009 terdiri dari : and 2009 consist of :
31 Des 2010 31 Des 2009
31 Dec 2010 31 Dec 2009
Kas 1.874.224.204 1.668.175.338 Cash on hand
Jumlah kas 1.874.224.204 1.668.175.338 Total cash on hand
Bank : Cash in banks :
Rekening Rupiah Rupiah accounts
PT Bank Mandiri 5.401.839.575 1.206.463.311 PT Bank Mandiri
PT Bank Central Asia 284.362.619 2.371.813 PT Bank Central Asia
PT Bank Hana (d/h Bank Bintang PT Bank Hana (formerly known
Manunggal ) 747.888.989 704.674.496 as Bank Bintang Manunggal)
CIMB Niaga (formerly known
CIMB Niaga (d/h PT Bank Lippo) 361.315.442 833.495.015 as PT Bank Lippo)
Standard Chartered Bank 3.067.526 1.708.586 Standard Chartered Bank
HSBC, Ltd cabang Jakarta 18.298.792 8.388.968 HSBC, Ltd Jakarta branch
Citibank Jakarta 32.521.730 32.988.230 Citibank Jakarta
PT Bank Danamon 4.998.699 993.629 PT Bank Danamon
PT Bank Mizuho Indonesia 990.450 32.450 PT Bank Mizuho Indonesia
PT Bank Internasional Indonesia 1.094.838 625.838 PT Bank Internasional Indonesia
PT Bank Chinatrust 359.745 PT Bank Chinatrust
PT Bank Permata 6.872.230 16.119.690 PT Bank Permata
Bank Sinar Mas 1.138.000 - Bank Sinar Mas
Sub jumlah 6.864.388.890 2.808.221.771 Sub total
Rekening Dollar Amerika Serikat US Dollar accounts
PT Bank Mandiri 21.579.956 PT Bank Mandiri
PT Bank Chinatrust Indonesia 100.220.609 211.197.602 PT Bank Chinatrust Indonesia
Standard Chartered Bank 2.279.982.735 325.640.346 Standard Chartered Bank
PT Bank Internasional Indonesia 372.436.890 1.328.990.142 PT Bank Internasional Indonesia
PT Bank Mizuho Indonesia 1.355.549.694 1.563.978.486 PT Bank Mizuho Indonesia
CIMB Niaga (formerly known
CIMB Niaga (d/h PT Bank Lippo) 17.641.920 as PT Bank Lippo)
Bangkok Bank 324.854.630 207.692.812 Bangkok Bank
HSBC, Ltd cabang Jakarta 2.773.373.301 4.418.702.650 HSBC, Ltd Jakarta branch
HSBC, Ltd cabang Hongkong 122.403.834 128.438.310 HSBC, Ltd Hongkong branch
Citibank Jakarta 670.211.168 994.960.672 Citibank Jakarta
PT Bank Permata 37.324.518 324.813.616 PT Bank Permata
Sub jumlah 8.036.357.379 9.543.636.512 Sub total
Rekening Euro Euro accounts
Standard Chartered Bank 10.179.578 40.952.052 Standard Chartered Bank
PT Bank Internasional Indonesia 40.354.505 PT Bank Internasional Indonesia
HSBC, Ltd cabang Jakarta 29.844.687 6.957.380- HSBC, Ltd Jakarta branch
Jumlah bank rekening Euro 40.024.265 88.263.937 Total bank Euro account
Rekening Hongkong Dollar Hongkong Dollar account
HSBC, Ltd cabang Hongkong 2.763.522 219.586.088 HSBC, Ltd Hongkong branch
Jumlah kas di bank 14.943.534.056 12.659.708.308 Total cash in banks
Deposito ( CIMB Niaga) 10.500.000.000 - Time deposit (CIMB Niaga)
Jumlah kas dan setara kas 27.317.758.260 14.327.883.646 Total cash and cash equivalents

2
1
PT Pan Brothers Tbk dan Anak Perusahaan PT Pan Brothers Tbk and its Subsidiary
Catatan atas laporan keuangan konsolidasian Notes to consolidated financial statements
(lanjutan) (continued)
(Dalam Rupiah) (In Rupiah)

4. Piutang usaha 4. Trade receivables

Saldo piutang usaha per 31 Desember 2010 dan Trade receivables as of 31 December 2010 and
2009 terdiri dari : 2009 consist of :

31 Des 2010 31 Des 2009

31 Dec 2010 31 Dec 2009

Pihak ketiga Third parties

Pelanggan luar negeri Foreign customers
The North Face 18.395.782.665 5.671.861.014 The North Face
Adidas Sourcing Limited 13.653.847.869 2.006.737.080 Adidas Sourcing Limited
Salomon 12.310.486.034 9.168.618.839 Salomon
Shinsung 10.929.487.906 - Shinsung
S. Oliver 8.427.687.777 3.784.134.500 S. Oliver
Supreme International 7.440.668.564 5.683.806.068 Supreme International
CLF Commercial 6.394.367.641 - CLF Commercial
CSI Industries 6.364.310.459 12.021.102.674 CSI Industries
Macys 5.284.943.786 - Macys
CFL Enterprise 4.241.750.784 - CFL Enterprise
Tactical 3.684.660.691 - Tactical
The Cato 3.620.189.467 11.478.491.340 The Cato
Dillard 3.558.075.682 - Dillard
Lerner 3.307.134.445 19.032.275.590 Lerner
Russel 3.093.152.692 798.024.280 Russel
Wilson Sporting Goods Co 2.668.759.604 - Wilson Sporting Goods Co
Dewhirst 2.314.234.489 784.695.202 Dewhirst
Amer Sport 2.181.935.791 3.060.890.322 Amer Sport
Speed/CJB 2.069.171.028 - Speed/CJB
Jofit 1.713.928.526 - Jofit
Knneth cole 1.679.317.672 - Knneth cole
Oxford 1.496.991.970 - Oxford
Belk 1.480.418.500 - Belk
Liz Claiborne - 5.397.619.119 Liz Claiborne
Bonfire Snowboarding Co - 4.053.454.710 Bonfire Snowboarding Co
Christopher - 2.974.195.814 Christopher
Mast Industries - 1.870.565.690 Mast Industries
SAS MC Lem - 1.759.978.826 SAS MC Lem
Nautica - 1.310.162.318 Nautica
Tommy H - 1.298.890.330 Tommy H
Lain-lain-kurang dari Others less than
Rp 1 Milyar 19.012.600.972 18.157.804.494 Rp 1 Billion each
Jumlah pelanggan luar negeri Total foreign
dipindahkan 145.323.905.014 110.313.308.210 customers carried forward

22
PT Pan Brothers Tbk dan Anak Perusahaan PT Pan Brothers Tbk and its Subsidiary
Catatan atas laporan keuangan konsolidasian Notes to consolidated financial statements
(lanjutan) (continued)
(Dalam Rupiah) (In Rupiah)

4. Piutang usaha (lanjutan) 4. Trade receivables (continued)

31 Des 2010 31 Des 2009

31 Dec 2010 31 Dec 2009

Pihak ketiga (lanjutan) Third parties (continued)

Pelanggan luar negeri (lanjutan) Foreign customers (continued)

Jumlah pindahan 145.323.905.014 110.313.308.210 Total brought forward

Pelanggan dalam negeri Local customers

Lain-lain-kurang dari Others less than
Rp 1 Milyar 1.643.998.605 563.588.844 Rp 1 Billion each
Jumlah pelanggan dalam negeri 1.643.998.605 563.588.844 Total local customers
Jumlah 146.967.903.619 110.876.897.054 Total
Penyisihan piutang ragu-ragu - - Allowance for doubtful account

Jumlah piutang usaha, bersih 146.967.903.619 110.876.897.054 Total trade receivables, net

Rincian piutang usaha menurut jenis mata uang The details of trade receivables based on currency, are
adalah sebagai berikut: as follows:

2010 2009
Mata uang asing Mata uang Rupiah Mata uang asing Mata uang Rupiah
Foreign currency Rupiah currency Foreign currency Rupiah currency

USD 16.163.264 145.323.905.014 11.771.801 110.364.543.480

Euro - 200 2.702.000
Rupiah - 1.643.998.605 - 509.651.574
Jumlah/Total 146.967.903.619 110.876.897.054
Penyisihan piutang ragu-ragu/
Allowance for doubtful account - - -

Jumlah piutang usaha, bersih/

Total trade receivables, net - 146.967.903.619 - 110.876.897.054

Rincian umur piutang usaha dari pihak ketiga sejak An aging schedule of trade receivables from third
tanggal faktur, adalah sebagai berikut: parties from the invoice date, is as follows:
31 Des 2010 31 Des 2009
31 Dec 2010 31 Dec 2009
Kurang dari 1 bulan 94.809.514.014 66.131.222.069 Less than 1 month
1 - 3 bulan 46.566.153.407 32.529.688.627 1 – 3 months
3 - 6 bulan 3.016.349.925 3.599.903.949 3 – 6 months
6 – 12 bulan 2.575.886.273 8.616.082.409 6 – 12 months
Penyisihan piutang ragu-ragu - - Allowance for doubtful account
Jumlah 146.967.903.619 110.876.897.054 Total

2
3
PT Pan Brothers Tbk dan Anak Perusahaan PT Pan Brothers Tbk and its Subsidiary
Catatan atas laporan keuangan konsolidasian Notes to consolidated financial statements
(lanjutan) (continued)
(Dalam Rupiah) (In Rupiah)

4. Piutang usaha (lanjutan) 4. Trade receivables (continued)

Tidak terdapat kosentrasi risiko kredit yang
signifikan. Berdasarkan penelaahan atas status
masing-masing debitur pada 31 Desember 2010 dan
2009, manajemen berkeyakinan bahwa seluruh
piutang dapat tertagih sehingga penyisihan piutang
ragu-ragu sebesar nihil.
There are no significant concentrations of credit
risk. Based on evaluation of the status of each
debtor at 31 December 2010 and 2009,
management believes that all of trade receivables
are collectible therefore allowance for doubtful
accounts is not provided.

5. Piutang lain-lain 5. Other receivables

Saldo piutang lain-lain pihak ketiga per 31 Other receivables to third parties as of
Desember 2010 dan 2009 terdiri dari : 31 December 2010 and 2009 consist of :

31 Des 2010 31 Des 2009

31 Dec 2010 31 Dec 2009
PT Glory Buana Garment 4.102.369.008 4.910.339.008 PT Glory Buana Garment
Everest Textile 1.348.290.364 764.565.168 Everest Textile
Indonesia Taroko Textile 1.269.079.676 505.723.932 Indonesia Taroko Textile
Formasa Taffeta 1.215.936.927 - Formasa Tafetta
Hollit Internasional 924.382.490 - Hollit Internasional
JC Trand 759.217.123 - JC Trand
Jiaxing Deyong Tex 657.020.919 - Jiaxing Deyong Tex
Karyawan 75.050.000 570.340.484 Employees
PT Sky Camping - 3.693.877.092 PT Sky Camping
Texmaco - 819.614.012 Texmaco
Jip Cheong Industrial Limited - 503.987.392 Jip Cheong Industrial Limited
Lain-lain kurang dari Rp 500 juta 5.035.271.620 8.562.321.743 Others less than Rp 500 Million
Jumlah 15.386.618.127 20.330.768.831 Total

Tidak terdapat konsentrasi risiko kredit yang There are no significant concentrations of credit
signifikan. risk.

Berdasarkan penelaahan atas status masing-masing Based on evaluation of the status of each debtor at
debitur pada akhir periode, manajemen the end of period, management believes that all of
berkeyakinan bahwa seluruh piutang lain-lain dapat other receivables are collectible, therefore
tertagih, sehingga penyisihan piutang ragu-ragu allowance for doubtful accounts is not provided.
sebesar nihil.

Piutang lain-lain kepada PT Sky Camping dijamin
dengan sejumlah aset berupa Ruko di Cempaka
Putih dan Tanah di Karawang. Manajemen
bekeyakinan bahwa jaminan ini mencukupi untuk
menutup kerugian yang mungkin timbul dari
piutang tersebut.
Other receivable from PT Sky Camping is
guaranted with assets of shop house in Cempaka
Putih and Land in Karawang. Management believes
that the collaterals are adequate to cover possible
losses from the receivable.

24
PT Pan Brothers Tbk dan Anak Perusahaan PT Pan Brothers Tbk and its Subsidiary
Catatan atas laporan keuangan konsolidasian Notes to consolidated financial statements
(lanjutan) (continued)
(Dalam Rupiah) (In Rupiah)

6. Persediaan 6. Inventories

Saldo persediaan per 31 Desember 2010 dan 2009 Inventories as of 31 December 2010 and 2009
terdiri dari : consist of :
31 Des 2010 31 Des 2008
31 Dec 2010 31 Dec 2010
Bahan baku 43.273.092.922 42.233.839.530 Raw materials
Bahan tidak langsung 13.302.796.794 154.695.321 Indirect materials
Barang dalam proses 300.836.249.188 242.389.335.926 Goods in process
Barang jadi 22.698.364.372 16.155.802.571 Finished goods
Suku cadang, bahan bakar
dan pelumas 1.416.722.178 1.202.292.982 Spareparts, fuels and lubricants
Jumlah 381.527.225.454 302.135.966.330 Total
Cadangan penyisihan persediaan Allowance for obsolescence
usang - - inventory

Jumlah 381.527.225.454 302.135.966.330 Total

Berdasarkan hasil penelaahan terhadap fisik dari Based on the result of the assessment of physical
persediaan, manajemen berkeyakinan bahwa tidak condition of inventories, the management is of the
diperlukan pembentukan penyisihan penurunan atas opinion that no provision for decline in inventory
nilai persediaan dan persediaan usang. value and obsolescence is necessary.

Terhadap persediaan sisa produksi dan sisa produk
gagal telah dikeluarkan dari saldo persediaan karena
manajemen berkeyakinan bahwa persediaan ini
tidak mempunyai nilai ekonomis dan diusulkan
untuk dimusnahkan berdasarkan Surat Keputusan
Menteri Keuangan No. 580/KMK.04/2003 tentang
Tatalaksana Kemudahan Impor Tujuan Ekspor dan
Pengawasannya. Pemusnahan belum dapat
dilaksanakan karena belum mendapat persetujuan
dari Direktorat Jenderal Bea dan Cukai.
Left over product supply and rejected product have
been excluded from inventories because the
management believes that they did not have any
economical value and had been proposed to be
destroyed based on the Decision Letter of the
Finance Ministry No. 580/KMK.04/2003 regarding
Regulations of Import Facilitation for Export
Purpose and its Monitoring. The destruction has not
been executed as the approval from Directorate of
Customs and Duties has not been received.

Persediaan dalam proses sebesar Goods in process amounting to Rp 300.836.249.188

Rp 300.836.249.188 pada 2010 dan in 2010 and Rp 242.389.335.926 in 2009 represent
Rp 242.389.335.926 pada tahun 2009 merupakan goods in process for meeting export sales demand in
persediaan dalam proses dalam rangka pemenuhan January 2011 and 2010.
permintaan penjualan ekspor di bulan Januari 2011
dan 2010.

2
5
PT Pan Brothers Tbk dan Anak Perusahaan PT Pan Brothers Tbk and its Subsidiary
Catatan atas laporan keuangan konsolidasian Notes to consolidated financial statements
(lanjutan) (continued)
(Dalam Rupiah) (In Rupiah)

6. Persediaan (lanjutan) 6. Inventories (continued)

Persediaan telah diasuransikan terhadap risiko Inventories are insured against the risk of fire,
kebakaran, gempa bumi, petir dan risiko lainnya earthquake, lightning and other risks with total
dengan jumlah nilai pertanggungan masing-masing coverage in 2010 and 2009 amounting to
pada tahun 2010 dan 2009 sebesar USD 21.700.000 and USD 26.700.000, respectively.
USD 21.700.000 dan USD 26.700.000.

Manajemen berpendapat bahwa nilai Management is of the opinion that the sum insured is
pertanggungan tersebut cukup untuk menutup adequate to cover possible losses on the inventories
kemungkinan kerugian atas persediaan yang insured.
dipertanggungkan.

7. Perpajakan 7. Taxation

a. Pajak dibayar dimuka a. Prepaid taxes

31 Des 2010 31 Des 2009

31 Dec 2010 31 Dec 2009
Pajak penghasilan badan Corporate income tax
lebih bayar tahun 2008 - 2.142.957.439 over paid in year 2008
Pajak penghasilan badan Corporate income tax
lebih bayar tahun 2009 - 1.242.807.630 over paid in year 2009
Pajak penghasilan pasal 22 173.612.066 - Income tax article 22
Pajak penghasilan pasal 25 6.494.246.319 5.178.801.359 Income tax article 25
PPN masukan 15.362.491.235 26.153.708.854 VAT in
Jumlah 22.030.349.620 34.718.275.282 Total

Saldo pajak pertambahan nilai masukan per
31 Desember 2010 dan 2009 masing-masing
sebesar Rp 15.362.491.235 dan
Rp 26.153.708.854 terdiri dari pajak
pertambahan nilai masukan Induk Perusahaan
sebesar Rp 4.175.273.003 dan Rp 3.194.705.240
dan PT Pancaprima Ekabrothers (Anak
Perusahaan) sebesar Rp 11.187.218.232 dan
Rp 22.959.003.614.
Perusahaan menerima SKPLB Pajak
penghasilan badan tahun pajak 2007 sebesar
Rp 1.102.822.318. Atas SKPLB tersebut
Perusahaan membukukan beban pajak sebesar
Rp 181.111.863 pada periode 2010.
Pada bulan Agustus 2010, PT Pancaprima
Ekabrothers (Anak Perusahaan) menerima
restitusi PPN untuk periode pajak Desember
2009 sebesar Rp 2.815.616.928 dari Direktorat
Jenderal Pajak.
Value added tax in as of 31 December 2010 and
2009 amounting to Rp 15.362.491.235 and
Rp 26,153,708,854 respectively, consists of the
Holding Company’s value added tax in
amounting to Rp 4.175.273.003 and
Rp 3,194,705,240; and that of PT Pancaprima
Ekabrothers (Subsidiary) amounting to
Rp 11.187.218.232 and Rp 22,959,003,614.
Company received tax assessment letter on
corporate income tax over payment (SKPLB)
2007 amounting to Rp 1,102,822,318. On SKPLB
The Company recorded tax expenses amounting
to Rp 181.111.863 in 2010.
In August 2010, PT Pancaprima Ekabrothers
(Subsidiary) received VAT refund for tax period
December 2009 of Rp 2.815.616.928 from the
Directorate General of Taxation.

26
PT Pan Brothers Tbk dan Anak Perusahaan PT Pan Brothers Tbk and its Subsidiary
Catatan atas laporan keuangan konsolidasian Notes to consolidated financial statements
(lanjutan) (continued)
(Dalam Rupiah) (In Rupiah)

7. Perpajakan (lanjutan) 7. Taxation (continued)

b. Hutang pajak b. Taxes payable

31 Des 2010 31 Des 2009

31 Dec 2010 31 Dec 2009
Pajak penghasilan pasal 21 494.078.113 336.502.882 Income tax art 21
Pajak penghasilan pasal 23 509.925.918 382.664.224 Income tax art 23
Pajak penghasilan pasal 29 Income tax art 29
perusahaan 1.280.214.546 - perusahaan
Pajak penghasilan pasal 4 ayat 2 25.453.818 368.000 Income tax article 4 section 2
Pajak penghasilan pasal 29 Income tax art 29
anak perusahaan 5.546.586.519 342.917.345 Subsidiary
Jumlah 7.856.258.914 1.062.452.451 Total

c. Pajak penghasilan badan c. Corporate income tax

Penghasilan (beban) pajak Perusahaan dan anak Tax benefit (expense) of the Companyand
Perusahaan terdiri dari : subsidisry consists of the following :

31 Des 2010 31 Des 2009

31 Dec 2010 31 Dec 2009

Pajak kini Current tax

Perusahaan 2.181.789.200 - The Company
Anak perusahaan 6.926.251.500 1.660.555.680 Subsidiary
Jumlah penghasilan (beban) pajak 9.108.040.700 1.660.555.680 Total tax benefit (expense)

Pajak tangguhan lihat catatan 7d. Deferred tax see note 7d.

Pajak kini Current tax

Rekonsiliasi antara laba (rugi) sebelum taksiran Reconciliation between profit (loss) before
pajak penghasilan badan dengan taksiran corporate income tax as per statement of
penghasilan (rugi) kena pajak adalah sebagai income and taxable income is as follows :
berikut :

31 Des 2010 31 Des 2009

Laba (rugi) sebelum pajak
penghasilan sesuai dengan laporan
laba rugi konsolidasian
(Laba) rugi anak perusahaan
sebelum pajak penghasilan
Eliminasi konsolidasian
Laba (rugi) Perusahaan sebelum
taksiran penghasilan
(beban) pajak (dipindahkan)
31 Dec 2010 31 Dec 2009
Profit (loss) before income tax
based on consolidated
44.217.877.485 35.217.275.448 statement of income
(Profit) loss of subsidiary
26.097.468.993 (28.772.260.709) before income tax
(52.124.970.086) 418.600.757 elimination consolidatied
Profit (loss) of the Company before
estimated tax income
18.190.376.392 6.863.615.496 (expense) (carried forward)

2
7
PT Pan Brothers Tbk dan Anak Perusahaan PT Pan Brothers Tbk and its Subsidiary
Catatan atas laporan keuangan konsolidasian Notes to consolidated financial statements
(lanjutan) (continued)
(Dalam Rupiah) (In Rupiah)

7. Perpajakan (lanjutan) 7. Taxation (continued)

c. Pajak penghasilan badan (lanjutan) c. Corporate income tax (continued)

31 Des 2010 31 Des 2009

31 Dec 2010 31 Dec 2009
Laba (rugi) Perusahaan sebelum Profit (loss) of the Company before
taksiran penghasilan estimated tax income
(beban) pajak (pindahan) 18.190.376.392 6.863.615.496 (expense) (brought forward)

Beda waktu : Timing differences :

Kewajiban diestimasi untuk Provision for retirement
manfaat pensiun 3.157.462.561 2.425.769.664 benefit
Penyusutan aset tetap (783.681.127) (861.443.297) Depreciation of fixed assets
Aktual manfaat karyawan yang Actual employees benefit
dibayarkan (2.137.166.012) (3.008.824.773) paid
Jumlah beda waktu 236.615.422 (1.444.498.406) Total timing differences
Beda tetap : Permanent differences :
Penghasilan bunga dan jasa giro Interest income and
(432.655.387) (76.782.125) demand deposit
Beban pajak 286.284.727 381.522.390 Tax expenses
Jamuan 179.753.255 336.729.084 Entertainment
Sumbangan 76.747.500 57.186.700 Donation
Pendapatan sewa mesin Gain on machine
dan gedung (2.184.523.000) (1.101.475.875) and building rental
Lain-lain 13.000.000 135.188.000 Others
Jumlah beda tetap (2.061.392.905) (267.631.826) Total permanent differences
Laba (rugi) fiskal, bersih 16.365.598.909 5.151.485.264 Taxable income (deficit), net
Kompensasi akumulasi Compensation fiscal loss
rugi fiskal (5.456.652.000) (10.608.137.707) carried forward
Laba (rugi) fiskal 10.908.946.909 (5.456.652.443) Taxable income (deficit)
Laba (rugi) fiskal, Taxable income (deficit)
dibulatkan 10.908.946.000 (5.456.652.000) ,rounded off

Perusahaan Company
Taksiran penghasilan kena pajak 2.181.789.200 - Provision for income tax
Dikurangi : Less:
Uang muka pajak: Prepaid taxes:
Pajak penghasilan pasal 22 (23.772.182) (21.138.173) Income tax article 22
Pajak penghasilan pasal 23 (121.898.672) (79.490.908) Income tax article 23
Pajak penghasilan pasal 25 (700.903.800) (1.070.178.549) Income tax article 25
Fiskal (55.000.000) (72.000.000) Fiscal
(901.574.654) (1.242.807.630)

Uang muka pajak/hutang pajak Prepaid tax/income tax payable

penghasilan kurang (lebih) bayar 1.280.214.546 (1.242.807.630) under (over) paid

28
PT Pan Brothers Tbk dan Anak Perusahaan PT Pan Brothers Tbk and its Subsidiary
Catatan atas laporan keuangan konsolidasian Notes to consolidated financial statements
(lanjutan) (continued)
(Dalam Rupiah) (In Rupiah)

7. Perpajakan (lanjutan) 7. Taxation (continued)

c. Pajak penghasilan badan (lanjutan) c. Corporate income tax (continued)

31 Des 2010 31 Des 2009

31 Dec 2010 31 Dec 2009

Anak Perusahaan Subsidiary

Taksiran penghasilan kena pajak 6.926.251.500 1.660.555.680 Provision for income tax
Dikurangi: Less:
Uang muka pajak (1.379.664.981) (1.317.638.335) Prepaid taxes
Uang muka pajak/Hutang pajak Prepaid tax/Income tax payable
penghasilan kurang (lebih) bayar 5.546.586.519 342.917.345 under (over) paid

Sehubungan dengan kepemilikan saham
Perusahaan oleh masyarakat diatas 40%, maka
Perusahaan mendapatkan penurunan tarif sesuai
peraturan Menkeu No.238/PMK.03/2008 tanggal
30 Desember 2008. Sehingga pajak penghasilan
badan 2010 dihitung berdasarkan tarif 20%.
Due to ownership of the Company shares by the
public exceeds 40%, the Company was granted a
tariff reduction according to Finance minister
regulation No.238/PMK.03/2008 dated
30 December 2008. Therefore corporate income
tax for 2010 is calculated at 20%.

d. Pajak tangguhan d. Deferred tax

Terdiri dari : Consists of :

31 Des 2010 31 Des 2009

31 Dec 2010 31 Dec 2009
Aset (kewajiban) pajak tangguhan : Deferred tax assets (liabilities) :
Perusahaan 710.504.772 651.350.916 The Company
Anak perusahaan Subsidiary
PT Pancaprima Ekabrothers 4.484.423.236 3.958.296.624 PT Pancaprima Ekabrothers
Jumlah aset (kewajiban) Total deferred tax
pajak tangguhan, bersih 5.194.928.008 4.609.647.540 assets (liabilities), net

2
9
PT Pan Brothers Tbk dan Anak Perusahaan PT Pan Brothers Tbk and its Subsidiary
Catatan atas laporan keuangan konsolidasian Notes to consolidated financial statements
(lanjutan) (continued)
(Dalam Rupiah) (In Rupiah)

7. Perpajakan (lanjutan) 7. Taxation (continued)

d. Pajak tangguhan (lanjutan) d. Deferred tax (continued)

Rincian dari aset pajak tangguhan Perusahaan The details of the Company’s deferred tax assets
adalah sebagai berikut : are as follows :
31 Des/Dec 2009 Dikreditkan 31 Des/Dec
2010 (dibebankan) ke laporan
laba rugi/Credited (charged)
to income statements

Perusahaan/The Company

Aset (kewajiban) pajak tangguhan/

Deferred tax asset (liabilities) :
Beban manfaat pensiun/
Post employment benefit 4.846.962.361 255.074.137 5.102.036.498
Penyusutan aset tetap/
Depreciation of fixed assets (4.195.611.445) (195.920.282) (4.391.531.726)
Rugi fiskal/Fiscal loss 1.364.163.110 (1.364.163.110) -
Penyisihan atas aset pajak tangguhan/
Allowance for deferred tax assets (1.364.163.110) 1.364.163.110 -
Aset (kewajiban) pajak tangguhan,
bersih/Deferred tax assets
(liabilities), net 651.350.916 59.153.855 710.504.772

31 Des/Dec 2009 Dikreditkan 31 Des/Dec

2010 (dibebankan) ke laporan
laba rugi/Credited (charged)
to income statements

Anak Perusahaan/Subsidiary

PT Pancaprima Ekabrothers

Aset (kewajiban) pajak tangguhan/

Deferred tax asset (liabilities) :
Beban manfaat pensiun/
Post employment benefit 4.022.258.735 432.522.480 4.454.781.215
Penyusutan aset tetap/
Depreciation of fixed assets (63.962.111) 93.604.132 29.642.021
Aset (kewajiban) pajak tangguhan,
bersih/Deferred tax assets
(liabilities), net 3.958.296.624 526.126.612 4.484.423.236

Jumlah aset (kewajiban) pajak

tangguhan, (konsolidasi)/ Total deferred
tax assets (liabilities), ( consolidated) 4.609.647.540 585.280.467 5.194.928.008

30
PT Pan Brothers Tbk dan Anak Perusahaan PT Pan Brothers Tbk and its Subsidiary
Catatan atas laporan keuangan konsolidasian Notes to consolidated financial statements
(lanjutan) (continued)
(Dalam Rupiah) (In Rupiah)

7. Perpajakan (lanjutan) 7. Taxation (continued)

d. Pajak tangguhan (lanjutan) d. Deferred tax (continued)

31 Des/Dec 2008 Dikreditkan Efek perubahan 31 Des/Dec 2009

(dibebankan) ke laporan tarif /Effect
laba rugi/Credited (charged) of changes
to income statements in new tax rate

Perusahaan/The Company
Aset (kewajiban) pajak tangguhan/
Deferred tax asset (liabilities) :
Beban manfaat pensiun/
Post employment benefit 4.670.250.390 176.711.971 - 4.846.962.361
Penyusutan aset tetap/
Depreciation of fixed assets (3.443.405.251) (752.206.194) - (4.195.611.445)
Rugi fiskal/Fiscal loss 2.652.034.426 (1.287.871.316) - 1.364.163.110
Penyisihan atas aset pajak tangguhan/
Allowance for deferred tax assets (2.652.034.426) 1.287.871.316 - (1.364.163.110)
Aset (kewajiban) pajak tangguhan,
bersih/Deferred tax assets
(liabilities), net 1.226.845.139 (575.494.223) - 651.350.916

31 Des/Dec 2008 Dikreditkan Efek perubahan 31 Des/Dec 2009

(dibebankan) ke laporan tarif/
laba rugi/Credited (charged) Effect
to income statements of changes
in new tax rate

Anak Perusahaan/Subsidiary
PT Pancaprima Ekabrothers

Aset (kewajiban) pajak tangguhan/

Deferred tax asset (liabilities) :
Beban manfaat pensiun/
Post employment benefit 3.489.401.782 532.856.953 - 4.022.258.735
Penyusutan aset tetap/
Depreciation of fixed assets 47.363.640 (111.325.751) - (63.962.111)
Aset (kewajiban) pajak tangguhan,
bersih/Deferred tax assets
(liabilities), net 3.536.765.422 421.531.202 - 3.958.296.624

Jumlah aset (kewajiban) pajak

tangguhan, (konsolidasi)/Total deferred
tax assets (liabilities), (consolidated) 4.763.610.561 (153.963.021) - 4.609.647.540

3
1
PT Pan Brothers Tbk dan Anak Perusahaan PT Pan Brothers Tbk and its Subsidiary
Catatan atas laporan keuangan konsolidasian Notes to consolidated financial statements
(lanjutan) (continued)
(Dalam Rupiah) (In Rupiah)

7. Perpajakan (lanjutan) 7. Taxation (continued)

d. Pajak tangguhan (lanjutan) d. Deferred tax (continued)

31 Des 2010 31 Des 2009

31 Dec 2010 31 Dec 2009

Pajak tangguhan Deferred tax

Perusahaan 59.153.856 (575.494.223) The Company
Anak perusahaan Subsidiary
PT Pancaprima Ekabrothers 526.126.611 421.531.202 PT Pancaprima Ekabrothers

Jumlah penghasilan (beban) pajak 585.280.467 (153.963.021) Total tax benefit (expense)

e. Rekonsiliasi antara penghasilan (beban) pajak e. Reconciliation between the total tax benefit
dan hasil perkalian laba akuntansi sebelum pajak (expense) and the amounts computed by applying
dengan tarif pajak yang berlaku adalah sebagai the effective tax rate to income before tax is as
berikut : follows :
31 Des 2010 31 Des 2009
31 Dec 2010 31 Dec 2009
Perusahaan The Company
Laba (rugi) Perusahaan sebelum Profit (loss) of the Company before
taksiran penghasilan estimated tax
(beban) pajak 18.190.376.392 6.863.615.496 income (expense)
Tarif pajak efektif (2010:25% , Effective tax rate (2010:25%,
2009:25%) (4.547.594.098) (1.715.903.874) 2009:25%)
Efek pajak perbedaan tetap : Tax effect of permanent differences :
Penghasilan bunga dan jasa giro 108.163.847 19.195.532 Interest income and demand deposit
Beban pajak (71.571.182) (95.380.598) Tax expenses
Jamuan (44.938.314) (84.182.271) Entertainment
Sumbangan (19.186.875) (14.296.675) Donation
Pendapatan sewa mesin Gain on machine and
dan gedung 546.130.750 275.368.969 building rental
Lain-lain (3.250.000) (33.797.000) Others
Jumlah 515.348.226 66.907.957 Total
Manfaat (beban) pajak (4.032.245.872) (1.648.995.917) Tax benefit (expense)
Pengaruh penurunan tarif pajak 909.518.820 - Effect of tax reduction
Kompensasi akumulasi Fiscal loss compenstation
Rugi fiskal 3.106.678.607 1.287.871.316 loss
Lain-lain 75.202.300 (214.369.622) Others
Jumlah (beban) manfaat Total deferred tax (expense)
pajak tangguhan 59.153.855 (575.494.223) benefit

32
PT Pan Brothers Tbk dan Anak Perusahaan PT Pan Brothers Tbk and its Subsidiary
Catatan atas laporan keuangan konsolidasian Notes to consolidated financial statements
(lanjutan) (continued)
(Dalam Rupiah) (In Rupiah)

7. Perpajakan (lanjutan) 7. Taxation (continued)

e. Rekonsiliasi antara penghasilan (beban) pajak dan
hasil perkalian laba akuntansi sebelum pajak
dengan tarif pajak yang berlaku adalah sebagai
berikut : (lanjutan)
Pada September 2008, Undang-undang No. 7
Tahun 1983 mengenai “Pajak Penghasilan” diubah
untuk keempat kalinya dengan Undang-undang
No. 36 Tahun 2008. Perubahan tersebut juga
mencakup perubahan tarif pajak penghasilan
badan dari sebelumnya menggunakan tarif pajak
bertingkat menjadi tarif tunggal yaitu 25% untuk
tahun fiskal 2009 dan 25% untuk tahun fiskal 2010
dan seterusnya.
e. Reconciliation between the total tax benefit
(expense) and the amounts computed by applying
the effective tax rate to income before tax is as
follows : (continued)
In September 2008, Law No. 7 Year 1983
regarding “Income Tax” has been revised for
the fourth time with Law No. 36 Year 2008. The
revised Law stipulates changes in corporate tax
rate from a stratified tax rate to a single rate of
25% for fiscal year 2009 and then to be reduced
to 25% for fiscal year 2010 onwards.

8. Beban dibayar dimuka 8. Prepaid expenses

31 Des 2010 31 Des 2009

31 Dec 2010 31 Dec 2009
Asuransi 42.773.783 123.521.359 Insurance
Sewa 126.555.484 144.916.593 Rental
Lain-lain * 2.466.401.261 936.767.177 Others *
Jumlah 2.635.730.528 1.205.205.129 Total
* Lain-lain merupakan beban untuk pengurusan * Others represent expenses for handling export
dokumen ekspor PT Pancaprima Ekabrothers document of PT Pancaprima Ekabrothers.

9. Uang muka dibayar 9. Advance payments

2010 2009
Mata uang asing Mata uang Rupiah Mata uang asing Mata uang Rupiah
Foreign currency Rupiah currency Foreign currency Rupiah currency
Pihak ketiga/Third parties
Impor/Import L/C Chinatrust
Indonesia (USD) - - 3.101.96 29.158.424
Impor/Import L/C Standard Chartered
Bank (USD) 139.338,13 1.252.789.127 57.141,09 537.126.246
Impor/Import L/C BII (USD) 121.769,85 1.094.832.721 176.655,46 1.660.561.324
Impor/Import L/C Bangkok Bank (USD) 20.196,00 181.582.236 - -
Impor/Import L/C Bank Mizuho (USD) 5.401,54 48.565.246 1.347,47 12.666.218
Impor/Import L/C HSBC (USD) 423.037,82 3.803.533.040 209.086,86 1.965.416.484
Impor/Import L/C Permata Bank (USD) 265.286,03 2.385.186.696 302.226,11 284.125.434
Impor/Import non L/C (USD) 870.604,13 7.827.601.702 1.096.423,27 10.306.378.721

Jumlah dipindahkan/ 1.845.633,50 16.594.090.768 1.845.982,22 14.795.432.851

Total carried forward

3
3
PT Pan Brothers Tbk dan Anak Perusahaan PT Pan Brothers Tbk and its Subsidiary
Catatan atas laporan keuangan konsolidasian Notes to consolidated financial statements
(lanjutan) (continued)
(Dalam Rupiah) (In Rupiah)

9. Uang muka dibayar (lanjutan) 9. Advance payments (continued)

2010 2009
Mata uang asing Mata uang Rupiah Mata uang asing Mata uang Rupiah
Foreign currency Rupiah currency Foreign currency Rupiah currency
Pihak ketiga/Third parties
Jumlah pindahan/ 1.845.633,50 16.594.090.768 1.845.982,22 14.795.432.851
Total brought forward
Lokal/Local non L/C - 3.074.633.134 12.149.261.196
L/C margin Bank Internasional Indonesia -
Uang muka pembelian bahan baku/
Prepayment of raw materials purchases 467.003,07 4.198.824.562 5.362.502.786
PT Pilar Sejati Sejahtera 530.271,45 4.767.670.642 11.196.145.877
PT Putra Pilar Sejati 1.581.905,76 14.222.914.675 16.671.771.999
Uang muka/Advance payments CMT -
Uang muka pembelian aset tetap/ 152.284,14 1.369.186.698
Prepayment of fixed assets purchases 1.773.221.330
Uang muka angkutan ekspor/
Prepayment of freight export 1.025.879,61 9.223.683.612 9.223.683.612
Perjalanan dinas/Business travel -
Lain-lain/Others* 3.705.694601 4.381.884.791
Jumlah/Total 5.602.977,53 57.156.698.692 1.845.982,22 75.553.904.442

Uang muka lokal non L/C per 31 Desember 2010 dan Advance payments of local non L/C as of 31 December
2009 merupakan uang muka Perusahaan untuk 2010 and represent the Company’s advance to
pembelian bahan baku dan aksesoris kepada supplier. purchase raw material and accessories to suppliers.

Saldo uang muka dibayar kepada PT Pilar Sejati The balance of advance payments to PT Pilar Sejati
Sejahtera dan dan PT Putra Pilar Sejati per Sejahtera and PT Putra Pilar Sejati as of
31 Desember 2010 dan 2009 merupakan uang muka 31 December 2010 and 2009 respectively represent
dalam rangka pemakaian jasa CMT. advance payments for CMT services.

Uang muka pembelian bahan baku per 31 Desember Prepayment of raw materials purchases as of
2010 dan 2009 merupakan uang muka pembelian 31 December 2010 and 2009 represents prepayment of
bahan baku PT Pancaprima Ekabrothers (Anak raw material purchase of PT Pancaprima Ekabrothers
Perusahaan). (Subsidiary).

L/C margin Bank Internasional Indonesia per
31 Desember 2010 dan 2009 sebesar merupakan
jaminan setoran atas pembukaan L/C impor
PT Pancaprima Ekabrothers (Anak Perusahaan) yang
besarnya 10% dari nilai L/C.
[[
L/C margin Bank Internasional Indonesia as of
31 December 2010 and 2009 represents guarantee
deposit for open import L/C of PT Pancaprima
Ekabrothers (Subsidiary) equal to 10% of L/C value.

Uang muka ekspedisi ekspor per 31 Desember 2010 Prepayment of export delivery as of 31 December 2010
dan 2009 merupakan uang atas beban ekspedisi and 2009 represents prepayment delivery expense for
ekspor. export.

* Lain-lain merupakan uang muka pembayaran Letter * Others represent advance payment of Letter of Credit
of Credit dan nota debet kepada pemasok and debit note to suppliers.

34
PT Pan Brothers Tbk dan Anak Perusahaan PT Pan Brothers Tbk and its Subsidiary
Catatan atas laporan keuangan konsolidasian Notes to consolidated financial statements
(lanjutan) (continued)
(Dalam Rupiah) (In Rupiah)

10. Investasi 10. Investment

PT Pancaprima Ekabrothers (anak perusahaan) PT Pancaprima Ekabrothers (subsidiary) has

memiliki investasi saham pada PT Primatex investment in PT Primatex International Co Ltd. The
International Co Ltd dengan nilai investasi per balance value as of 31 December 2010 and 2009
31 Desember 2010 dan 2009 masing-masing sebesar amounted to Rp 212.250.000 and Rp 212.250.000
Rp 212.250.000 dan Rp 212.250.000. respectively.

11. Aset tetap 11. Fixed assets

Saldo aset tetap per 31 Desember 2010 terdiri dari: Fixed assets as of 31 December 2010 consist of :

Saldo awal Saldo akhir

Beginning balance Penambahan Pengurangan Ending balance
1-1-2010 Addition Deduction 31-12-2010
Harga perolehan/ Acquisition cost
Kepemilikan langsung/Direct acquisition
Tanah/ Land 34.905.925.450 2.085.693.079 - 36.991.618.529
Bangunan/ Building 57.324.777.528 2.320.754.502 - 59.645.532.030
Mesin/ Machinery 196.069.376.299 13.700.359.825 3.925.477.864 205.844.258.260
Instalasi/ Installation 12.664.152.192 355.457.250 13.019.609.442
Peralatan pabrik dan perlengkapan
pabrik/Factory equipment and supplies 55.898.520.261 1.449.273.770 57.347.794.031
Inventaris /perlengkapan kantor/kantin
/Office/canteen equipment and furnitures 7.729.629.910 346.123.452 8.075.753.362
Kendaraan/ Vehicles 19.402.562.597 1.919.450.000 733.651.672 20.588.360.925
Prasarana/ Infrastructure 9.122.807.880 59.716.909 - 9.182.524.789
Aset dalam penyelesaian/Assets under
construction 289.347.376 4.395.211.689 - 4.684.559.065
Sub jumlah/ Sub total 393.407.099.493 26.632.040.476 4.659.129.536 415.380.010.433
Aset sewa /asset leased
Kendaraan/Vehicles - 916.300.000 - 916.300.000
Jumlah/Total 393.407.099.493 27.548.340.476 4.659.129.536 416.296.310.433

3
5
PT Pan Brothers Tbk dan Anak Perusahaan PT Pan Brothers Tbk and its Subsidiary
Catatan atas laporan keuangan konsolidasian Notes to consolidated financial statements
(lanjutan) (continued)
(Dalam Rupiah) (In Rupiah)

11. Aset tetap (lanjutan) 11. Fixed assets (continued)

Saldo awal Saldo akhir

Beginning balance Penambahan Pengurangan Ending balance
1-1-2010 Addition Deduction 31-12-2010
Akumulasi penyusutan/Accumulated
Depreciation
Kepemilikan langsung/Direct acquisition
Bangunan/ Building 15.287.215.152 2.422.622.124 17.709.837.276
Mesin/ Machinery 105.211.425.355 18.767.631.807 3.925.477.864 120.053.579.298
Instalasi/ Installation 5.491.134.944 1.061.340.099 6.552.475.043
Peralatan pabrik dan perlengkapan pabrik
/Factory equipment and supplies 37.307.485.058 7.210.882.855 44.518.367.913
Inventaris /perlengkapan kantor/kantin
/Office/canteen equipment and furnitures 5.104.843.957 757.972.964 5.862.816.921
Kendaraan/ Vehicles 14.461.294.117 1.957.913.535 733.643.339 15.685.564.313
Prasarana/ Infrastructure 3.647.912.692 706.747.921 - 4.354.660.613
Sub jumlah/Sub total 186.511.311.275 32.885.111.305 4.659.121.203 214.737.301.377

Aset sewa /asset leased

Kendaraan/ Vehicles - 68.481.667 - 68.481.667
Jumlah/Total 186.511.311.275 32.953.592.972 4.659.121.203 214.805.783.044

Nilai buku/ Book value 206.895.788.218 201.490.527.389

Saldo aset tetap per 31 Desember 2009 terdiri dari: Fixed assets as of 31 December 2009 consist of :

Saldo awal Saldo akhir

Beginning balance Penambahan Pengurangan Ending balance
1-1-2009 Addition Deduction 31-12-2009

Harga perolehan/ Acquisition cost

Kepemilikan langsung/Direct acquisition
Tanah/ Land 34.880.275.450 25.650.000 - 34.905.925.450
Bangunan/ Building 53.605.859.203 3.718.918.325 - 57.324.777.528
Mesin/ Machinery 191.022.148.100 5.047.228.199 - 196.069.376.299
Instalasi/ Installation 10.169.415.610 2.494.736.582 - 12.664.152.192
Peralatan pabrik dan perlengkapan
pabrik/Factory equipment and supplies 53.163.461.213 2.735.059.048 - 55.898.520.261
Inventaris /perlengkapan kantor/kantin
/Office/canteen equipment and furnitures 7.460.817.400 289.446.510 20.634.000 7.729.629.910
Kendaraan/ Vehicles 19.295.639.924 361.855.273 254.932.600 19.402.562.597
Prasarana/ Infrastructure 5.888.191.068 3.234.616.812 - 9.122.807.880
Aset dalam penyelesaian/Assets under
construction 941.166.391 289.347.376 941.166.391 289.347.376
Sub jumlah/ Sub total 376.426.974.359 18.196.858.125 1.216.732.991 393.407.099.493
Aset sewa /asset leased
Kendaraan/Vehicles - - - -
Jumlah/Total 376.426.974.359 393.407.099.493

36
PT Pan Brothers Tbk dan Anak Perusahaan PT Pan Brothers Tbk and its Subsidiary
Catatan atas laporan keuangan konsolidasian Notes to consolidated financial statements
(lanjutan) (continued)
(Dalam Rupiah) (In Rupiah)

11. Aset tetap (lanjutan) 11. Fixed assets (continued)

Saldo awal Saldo akhir

Beginning balance Penambahan Pengurangan Ending balance
1-1-2009 Addition Deduction 31-12-2009
Akumulasi penyusutan/Accumulated
depreciation
Kepemilikan langsung/Direct acquisition
Bangunan/ Building 12.759.136.853 2.528.078.299 - 15.287.215.152
Mesin/ Machinery 86.032.930.344 19.178.495.011 105.211.425.355
Instalasi/ Installation 4.522.142.945 968.991.999 - 5.491.134.944
Peralatan pabrik dan perlengkapan pabrik
/Factory equipment and supplies 29.959.155.328 7.348.329.730 - 37.307.485.058
Inventaris /perlengkapan kantor/kantin
/Office/canteen equipment and furnitures 4.366.066.710 759.411.247 20.634.000 5.104.843.957
Kendaraan/ Vehicles 12.369.722.973 2.264.198.325 254.893.849 14.379.027.449
Prasarana/ Infrastructure 3.038.602.206 609.310.486 - 3.647.912.692
Sub jumlah/Sub total 153.047.757.359 33.656.815.097 275.527.849 186.429.044.607
Aset sewa/Asset lease
Kendaraan/ Vehicles 50.666.668 31.600.000 - 82.266.668
Jumlah/Total 153.098.424.027 33.688.415.097 275.527.849 186.511.311.275

Nilai buku/ Book value 223.328.550.332 206.895.788.218

Beban penyusutan aset tetap dialokasikan sebagai Depreciation of fixed assets is charged as follows :
berikut :

31 Des 2010 31 Des 2009

31 Dec 2010 31 Dec 2009
Beban pabrikasi (lihat catatan 24) 27.981.474.708 28.579.935.675 Factory expenses (see note 24)
Beban umum dan General and administrative
administrasi (lihat catatan 26) 4.030.749.651 4.344.098.811 expenses (see note 26)
Lain-lain 941.368.613 764.380.611 Others
Jumlah 32.953.592.972 33.688.415.097 Total

Pada tahun 2010, Perusahaan dan anak perusahaan In 2010, the Company and its subsidiary purchased
membeli sejumlah mesin senilai Rp. 13.700.359.825 a number of machines of Rp. 13,700,359,825 which
yang digunakan untuk peremajaan, perluasan serta is used for rejuvenation, expansion and increase
peningkatan produksi. production.

Pada tahun 2009, Perusahaan dan anak perusahaan In 2009, the Company and subsidiary purchased
membeli sejumlah mesin senilai Rp 5.047.228.199 some machineries amounting to Rp 5,047,228,119
yang digunakan untuk peremajaan, perluasan serta for rejuvenation, expansion and increase of
peningkatan produksi. production.

3
7
PT Pan Brothers Tbk dan Anak Perusahaan
Catatan atas laporan keuangan konsolidasian
(lanjutan)
(Dalam Rupiah)
11. Aset tetap (lanjutan)
Seluruh aset tetap kecuali tanah diasuransikan
terhadap risiko kebakaran, gempa bumi dan petir
dan lainnya dengan jumlah pertanggungan sebesar
USD 40.386.100 dan Rp 25.195.566.826 per
31 Desember 2010 dan sebesar USD 33.686.100
dan Rp 33.582.466.286 per 31 Desember 2009
Manajemen berpendapat bahwa nilai pertanggungan
tersebut cukup untuk menutupi kemungkinan
kerugian atas asset tetap yang dipertanggungkan.
Aset tetap tertentu dijaminkan untuk hutang pada
HSBC dan Citibank (catatan 13).
12. Aset tidak lancar lain-lain
Saldo aset lain-lain per 31 Desember 2010 dan 2009
terdiri dari :
31 Des 2010
31 Dec 2010
Beban renovasi 13.252.174.850
Hak atas tanah 6.211.812.625
19.463.987.475
Dikurangi akumulasi amortisasi (11.213.440.775)
Jumlah 8.250.546.700
Beban renovasi
Beban renovasi merupakan beban renovasi gedung
Graha Kencana yang merupakan kantor pusat
Perusahaan serta pengeluaran untuk renovasi pabrik
PAN V, VI dan VII yang beroperasi di Solo
berdasarkan perjanjian sewa menyewa No. 3675
dan 3679/II/PJX/PBT-SWA/2007 tanggal 30 April
2007 antara PT Pan Brothers Tbk dengan PT Sari
Warna Asli.
Beban amortisasi untuk tahun yang berakhir pada
tanggal-tanggal 31 Desember 2010 dan 2009
masing-masing sebesar Rp 2.859.123.852 dan
Rp 2.867.208.840.
38
PT Pan Brothers Tbk and its Subsidiary
Notes to consolidated financial statements
(continued)
(In Rupiah)
11. Fixed assets (continued)
All fixed assets except land are covered with
insurance against fire, earthquake, lightning and
other risks. with total coverage amounting to
USD 40.386.100 and Rp 25.195.566.826 as of
31 December 2010 and USD 33.686.100 and
Rp 33.582.466.286 as of 31 Desember 2009
Management believes that the sum insured is
adequate to cover possible losses for the fixed assets
insured. Certain fixed assets are pledged as
collateral for the loans from HSBC and Citibank
(note 13).
12. Other non current assets
Other assets as of 31 December 2010 and 2009
consist of :
31 Des 2009
31 Dec 2009
12.891.575.214 Renovation expense
5.974.532.625 Landright
18.866.107.839
(8.185.416.343) Less accumulated amortization
10.680.691.496 Total
Renovation expense
Renovation expense represents building renovation
at Graha Kencana which is the Company’s head
office and factory renovation expenditures of
PAN V, VI and VII which operate in Solo based on
rental agreement No. 3675 and 3679/II/PJX/PBT-
SWA/2007 dated 30 April 2007 between PT Pan
Brothers Tbk and PT Sari Warna Asli.
Amortization expense for the years ended
31 December 2010 and 2009 amounted to
Rp 2.859.123.852 and Rp 2,867,208,840
respectively.
PT Pan Brothers Tbk dan Anak Perusahaan PT Pan Brothers Tbk and its Subsidiary
Catatan atas laporan keuangan konsolidasian Notes to consolidated financial statements
(lanjutan) (continued)
(Dalam Rupiah) (In Rupiah)

12. Aset tidak lancer lain-lain (lanjutan) 12. Other non current assets (continued)

Hak atas tanah Landrights

Hak atas tanah sebesar Rp 6.211.812.625 pada
tahun 2010 dan Rp 5.974.532.625 pada tahun 2009
merupakan beban legal anak perusahaan
sehubungan pembelian tanah seluas 9.925 m2 yang
berlokasi di Kelurahan Gembor, Kecamatan
Tangerang, sesuai akta notaris Bambang Suwondo
SH, No.1343-1345 tanggal 30 dan 31 Agustus 2007
dan beban legal atas perpanjangan Hak Guna
Bangunan (HGB) No. 5932 – 5942 dengan luas
keseluruhan 1,8 Ha yang dimiliki PT Pancaprima
Ekabrothers, Anak Perusahaan berdasarkan akta
notaris H. Bambang Suwondo SH No. 1716 - 1726
tanggal 26 Desember 2006 .
Landrights amounting to Rp 6.211.812.625 in 2010
and Rp 5.974.532.625 in 2009 represent legal
processing fees of Subsidiary in connection with
land purchase totaling 9.925 sqm located in
Gembor Sub-District Tangerang District based on
notarial deed of Bambang Suwondo SH, Nos. 1343-
1345 dated 30 and 31 August 2007 and for
extension of land rights to certificates Nos. 5932 –
5942 totalling 1,8 Ha owned by PT Pancaprima
Ekabrothers, a subsidiary, based on notarial deed
of H. Bambang Suwondo SH Nos. 1716 – 1726
dated 26 December .

Manajemen berpendapat bahwa tidak terdapat Management is of the opinion that there are no
masalah dengan perpanjangan hak atas tanah karena problems with the extensions of landrights as the
seluruh tanah diperoleh secara sah dan didukung land acquisitions are valid and properly supported
oleh bukti pemilikan yang memadai. with appropriate title documents.

Beban amortisasi untuk tahun yang berakhir pada Amortization expense for the years ended
tanggal-tanggal 31 Desember 2010 dan 2009 31 December 2010 and 2009 amounted to
masing-masing sebesar Rp 168.900.572 dan Rp 168,900,572 and Rp 286,941,208 respectively.
Rp 286.941.208.

13. Pinjaman jangka pendek 13. Short term loans

Pinjaman jangka pendek terdiri dari : Short term loans consist of :

31 Des 2010 31 Des 2009
31 Dec 2010 31 Dec 2009
HSBC 105.557.812.953 118.134.063.008 HSBC
Citibank 61.605.162.990 46.950.136.196 Citibank
Bank Permata 49.719.246.385 38.303.121.504 Bank Permata
Bangkok Bank 41.643.492.422 75.146.420.000 Bangkok Bank
Bank Internasional Indonesia 16.854.144.954 18.733.903.618 Bank Internasional Indonesia
Bank Mizuho 21.108.612.248 10.941.794.674 Bank Mizuho
Standard Chartered Bank 20.216.391.442 27.040.142.460 Standard Chartered Bank
Bank Chinatrust Indonesia - 17.202.395.176 Bank Chinatrust Indonesia
Jumlah 316.704.863.394 352.451.976.636 Total

3
9
PT Pan Brothers Tbk dan Anak Perusahaan PT Pan Brothers Tbk and its Subsidiary
Catatan atas laporan keuangan konsolidasian Notes to consolidated financial statements
(lanjutan) (continued)
(Dalam Rupiah) (In Rupiah)

13. Pinjaman jangka pendek (lanjutan) 13. Short term loans (continued)

Pinjaman bank – HSBC Bank loans – HSBC

Perusahaan The Company
Berdasarkan surat perjanjian kredit Based on the Loan Agreement
No. JAK/080049/U/080128 tanggal 30 Januari No. JAK/080049/U/080128 dated 30 January 2008,
2008, yang telah mengalami perubahan/ the credit agreement has been amended for several
perpanjangan, terakhir dengan perjanjian times and most recently with amendment
No. JAK/100896/U/101021 tanggal 1 November No. JAK/100896/U/101021 dated 1 November 2010
2010 yang memperpanjang perideo kredit sampai which extended the credit period until 30 April
dengan 30 April 2011, Perusahaan memperoleh 2011, the Company obtained credit facilities such
fasilitas kredit berupa: as:
 Limit gabungan I sebesar USD 3.000.000  Combined limit I amounting to USD 3.000.000
terdiri dari fasilitas kredit berdokumen/ surat consisting of Documentary Credit Facility/
kredit berdokumentasi dalam negeri, pinjaman Local Documentary Credit, Clean Import Loan
impor, kredit ekspor, dokumen terhadap (CIL), Export Packing Credit, Document
akseptasi secara teknis dengan jaminan negative against Acceptance with negative pledge
pledge atas semua barang persediaan dan collateral for all inventories and receivable
piutang tidak boleh dijaminkan kepada pihak which must not be pledged to other parties.
lain.
 Limit gabungan II sebesar USD 2.706.801,45  Combined limit II amounting to
berupa pinjaman cicilan tetap 1 dengan syarat USD 2.706.801,45 consisting of fixed payment
dan ketentuan yang berlaku berdasarkan Akta loan 1 with terms and conditions based on the
Perjanjian Pemberian Pinjaman No. 11 tanggal Deed of Loan Agreement No. 11 dated
15 Februari 2008 oleh notaris Amrul Partomuan 15 February 2008 of Amrul Partomuan Pohan,
Pohan, SH, berikut perubahan terakhir tanggal SH, and its latest amendment dated
14 Desember 2009 No. JAK/091051/C/091120. 14 December 2009 No. JAK/091051/C/091120.
Jaminan atas fasilitas ini berupa: The collaterals assigned for this facility are as
follows:
- Hak tanggungan atas tanah dan bangunan - Mortgage over land and building of
yaitu Pabrik PAN I, PAN II, PAN III, factories PAN I, PAN II, PAN III located in
berlokasi di Tangerang senilai Tangerang valued at USD 5.500.000 or
USD 5.500.000 atau setara dengan equivalent to Rp 51.800.000.000.
Rp 51.800.000.000.
- Jaminan kepemilikan transfer fidusia atas - Fiduciary Transfer of Ownership over
mesin yang berlokasi di PAN I, PAN II, existing machinery located in PAN I, PAN
PAN III di Tangerang senilai II, PAN III in Tangerang valued at
USD 2.500.000 atau setara dengan USD 2.500.000 or equivalent to
Rp 24.000.000.000 (Akta Jaminan Fidusia Rp 24.000.000.000 (Fiduciary Guarantee
No. 69 tanggal 17 Oktober 2008). Deed No. 69 dated 17 October 2008).

 Pinjaman cicilan tetap 2 sebesar  Fixed payment loan 2 amounting to

USD 1.100.000 dengan syarat dan ketentuan
berdasarkan Akta Perjanjian Pemberian
Pinjaman No. 12 tanggal 15 Februari 2008 oleh
notaris Amrul Partomuan Pohan, SH,
berikut perubahannya tanggal 12 Mei 2008
No. JAK/080305/U/080128A. Jaminan atas
fasilitas ini berupa:
USD 1.100.000 with terms and conditions based
on the Deed of Loan Agreement no. 12 dated
15 February 2008 of Amrul Partomuan Pohan,
SH, and its amendment dated 12 May 2008
No. JAK/080305/U/080128A. The collaterals
assigned for this facility are as follows:

40
PT Pan Brothers Tbk dan Anak Perusahaan
Catatan atas laporan keuangan konsolidasian
(lanjutan)
(Dalam Rupiah)
13. Pinjaman jangka pendek (lanjutan)
Pinjaman bank – HSBC (lanjutan)
Perusahaan (lanjutan)
- Hak tanggungan atas tanah dan bangunan
yaitu pabrik yang berlokasi di Sukabumi
senilai USD 1.900.000.
- Jaminan kepemilikan transfer fidusia atas
mesin yang berlokasi di Sukabumi senilai
USD 50.000.
 Fasilitas treasury berupa Paparan terhadap
Risiko (tertimbang) atau Opsi Pertukaran Valas
dengan limit sebesar USD 1.000.000 untuk
memfasilitasi kebutuhan atas transaksi lindung
nilai terhadap paparan nilai tukar murni melalui
transaksi spot, option, dan/ atau forward dan
jatuh tempo maksimum selama 1 tahun.
Saldo per tanggal 31 Desember 2010 dan 2009
masing-masing sebesar Rp 17.771.425.295 dan
Rp 25.290.355.678.
PT Pancaprima Ekabrothers (Anak Perusahaan)
Berdasarkan akta notaris Suzana Zakaria, SH,
No. 30 pada tanggal 12 Oktober 1992,
PT Pancaprima Ekabrothers menerima fasilitas
kredit dari Hongkong and Shanghai Banking
Corporation Ltd Jakarta (HSBC) berupa kredit
ekspor, kredit tangguhan pembayaran, surat
pembukaan surat hutang berdokumentasi (sight) ,
pembiayaan pemasok dan hutang impor.
Perjanjian kredit telah beberapa kali mengalami
perubahan/perpanjangan, terakhir dengan perjanjian
kredit No. JAK/100413/U/100514 tanggal
2 Juni 2010 dengan pagu gabungan sebesar
USD 13.500.000. Jaminan atas fasilitas kredit ini
antara lain:
- Tanah dengan Sertifikat Hipotik Pertama
No. 235 senilai USD 2.500.000 (HGB
No. 2788/Gembor) tanggal 4 Nopember 1993
(lihat catatan 11).
- Mesin dan peralatan senilai Rp 25.000.000.000
yang berada di Jl. Ledug No. 178, Desa
Gembor, Kecamatan Jatiuwung, Tangerang
berdasarkan Akta Jaminan Fidusia No. 1
tanggal 8 Nopember 2000 (lihat catatan 11).
4
1
PT Pan Brothers Tbk and its Subsidiary
Notes to consolidated financial statements
(continued)
(In Rupiah)
13. Short term loans (continued)
Bank loans – HSBC (continued)
The Company (continued)
- Mortgage over land and factory building
located in Sukabumi valued at
USD 1.900.000.
- Fiduciary Transfer Ownership over existing
machineries located in Sukabumi valued at
USD 50.000.
 Treasury facility for Exposure to Risk
(weighted) or Foreign Exchange Option with
limit of USD 1.000.000 to facilitate the
requirement for hedging foreign currency
exposures through spot, option, and/ or forward
transaction with maximum period of 1 year.
Balance as of 31 December 2010 and 2009
amounted to Rp 17.771.425.295 and
Rp 25,290,355,678 respectively.
PT Pancaprima Ekabrothers (Subsidiary)
[[
Based on notarial deed of Suzana Zakaria, SH,
No. 30 dated 12 October 1992, PT Pancaprima
Ekabrothers obtained credit facilities from
Hongkong and Shanghai Banking Corporation Ltd
Jakarta (HSBC) in form of export credit, deferred
payment credit, open of documentary sight letters,
supplier financing and import line.
The credit agreement had been amended for several
times and most recently by amendment
No. JAK/100413/U/100514 dated 2 June 2010 with
maximum combined credit amounting to
USD 13.500.000. The collaterals assigned for this
credit facility are as follows:
- Land with First Mortgage Certificate No. 235
valued at USD 2.500.000 (HGB
No. 2788/Gembor) dated 4 November 1993 (see
note 11).
- Machineries and equipment valued at
Rp 25.000.000.000 located in Jl. Ledug No. 178,
Desa Gembor, Kecamatan Jatiuwung,
Tangerang, based on Fiducia Collateral Deed
No. 1 dated 8 November 2000 (see note 11).
PT Pan Brothers Tbk dan Anak Perusahaan
Catatan atas laporan keuangan konsolidasian
(lanjutan)
(Dalam Rupiah)
13. Pinjaman jangka pendek (lanjutan)
Pinjaman bank – HSBC (lanjutan)
Saldo per tanggal 31 Desember 2010 dan 2009
masing-masing sebesar Rp 87.786.387.658 dan
Rp 92.843.707.330.
Pinjaman bank – Citibank
PT Pancaprima Ekabrothers (anak perusahaan)
Berdasarkan perubahan perjanjian Export Credit
Financing Agreement dan Revolving Credit
Agreement (Pre-Shipment Financing), tanggal
30 November 2009 PT Pancaprima Ekabrothers
memperoleh fasilitas gabungan sebesar
USD 7.500.000 yang berlaku sampai dengan
30 November 2010.
Sampai dengan tanggal penyelesaian laporan
keuangan ini, perpanjangan periode fasilitas ini
masih dalam proses.
Saldo per tanggal 31 Desember 2010 dan 2009
masing-masing sebesar Rp 61.605.162.990 dan
Rp 46.950.136.196.
Pinjaman bank – Bangkok Bank Jakarta
Perusahaan
Berdasarkan surat perjanjian kredit No. 03/IV/06
tanggal 20 April 2006 yang telah dirubah terakhir
kali dengan perjanjian kredit No. 13/IV/10 tanggal
8 Juni 2010, Perusahaan memperoleh fasilitas kredit
selama satu tahun berupa:
 Packing loan dan Sight Letter of Credit sebesar
USD 5.000.000 dan Bills receivable under Letter
of Credit (the BRL) sebesar USD 2.000.000.
Saldo per tanggal 31 Desember 2010 dan 2009
masing-masing sebesar Rp 14.689.373.522 dan
Rp 46.985.900.000.
42
PT Pan Brothers Tbk and its Subsidiary
Notes to consolidated financial statements
(continued)
(In Rupiah)
13. Short term loans (continued)
Bank loans – HSBC (continued)
Balance as of 31 Desember 2010 and 2009
amounted to Rp 87.786.387.658 and
Rp 92.843.707.330 respectively.
Bank loans – Citibank
PT Pancaprima Ekabrothers (subsidiary)
Based on Amendment of Export Credit Financing
Agreement, Revolving Credit Agreement (Pre-
Shipment Financing) dated 30 November 2009, PT
Pancaprima Ekabrothers obtained total combined
facility amounting to USD 7.500.000 which is
valid until 30 November 2010.
Up to the completion date of these financial
statements, extention of the credit period is still in
process.
Balance as of 31 December 2010 and 2009
amounted to Rp 61.605.162.990 and
Rp 46.950.136.196 respectively.
Bank loans – Bangkok Bank Jakarta
The Company
Based on the loan agreement No.03/IV/06 dated
20 April most recently amended by amendment No.
13/IV/10 dated 8 June 2010 the Company obtained
credit facility for 1 year in form of:
 Packing loan and Sight Letter of Credit
amounting to USD 5.000.000 and Bills Receivable
under Letter of Credit (the BRL) amounting to
USD 2.000.000.
Balance as of 31December 2010 and 2009
amounted to Rp 14.689.373.522 and
Rp 46.985.900.000 respectively.
PT Pan Brothers Tbk dan Anak Perusahaan
Catatan atas laporan keuangan konsolidasian
(lanjutan)
(Dalam Rupiah)
13. Pinjaman jangka pendek (lanjutan)
PT Pancaprima Ekabrothers (anak perusahaan)
Berdasarkan surat perpanjangan kredit No. 02/IV/06
dari Bangkok Bank, Jakarta pada tanggal 20 April
2006, Perusahaan memperoleh fasilitas kredit yang
terdiri dari fasilitas lini L/C gabungan, fasilitas
tagihan piutang dengan jaminan L/C dan fasilitas
transaksi mata uang asing
Berdasarkan surat perpanjangan No.14/IV/2010 dari
Bank Bangkok Jakarta pada tanggal 8 Juni 2010,
fasilitas ini akan jatuh tempo 31 Maret 2011.
PT Pancaprima Ekabrothers mendapat fasilitas
kredit (revolving loan) dengan batas maksimum
berupa fasilitas lini L/C gabungan sebesar
USD 3.000.000, fasilitas tagihan piutang dengan
jaminan L/C sebesar USD 1.500.000 dan yang
berlaku efektif pada tanggal 31 Maret 2010.
Saldo per tanggal 31 Desember 2010 dan 2009
sebesar masing-masing Rp 26.954.118.900 dan
Rp 28.160.520.000.
Pinjaman bank – Bank Internasional Indonesia
Perusahaan
Berdasarkan perjanjian kredit terakhir
No. 0062-0064/PrbPK/SCBCJuanda/2010 tanggal
11 Agustus 2010 dengan periode waktu sampai
dengan 12 Juni 2011, Perusahaan memperoleh
fasilitas pinjaman sebagai berikut:
 LC/SKBDN Line sebesar USD 5.000.000.
 Negotiation line sebesar USD 4.000.000.
 FX Line (TOM, SPOT, Forward, Option dan
Derivative) sebesar USD 1.000.000.
Saldo per tanggal 31 Desember 2010 dan 2009
masing-masing sebesar Rp 3.469.161.975 dan
Rp 18.733.903.618.
4
3
PT Pan Brothers Tbk and its Subsidiary
Notes to consolidated financial statements
(continued)
(In Rupiah)
1a3.. Short term loans (continued) a.
hort term loans (continued) hort term
PT Pancaprima Ekabrothers (subsidiary)
Based on credit addendum letter No. 02/IV/06 from
Bangkok Bank, Jakarta on 20 April 2006, the
Company obtained credit facilities comprising of
combined L/C lines facility, bills receivable under
L/C facility and foreign exchange transaction
facility.
Based on letter No.14/IV/2010 dated 8 June 2010
from Bangkok Bank, Jakarta,this facility will expire
31 March 2011. PT Pancaprima Ekabrothers
accepted credit facility (revolving loan) with
maximum credit limit as follows: combined L/C lines
facility in the aggregate amount of USD 3.000.000,
bills receivable under L/C facility in the amount of
USD 1.500.000 with effective date on 31 March
2010.
Balance as of 31 Desember 2010 and 2009
amounted to Rp 26.954.118.900 and
Rp 28.160.520.000 respectively.
Bank loans – Bank Internasional Indonesia
The Company
Based on the latest Offering Letter
No. 0062-0064/PrbPK/SCBCJuanda/2010 dated
11 August 2010 with the period until 12 June 2011,
the Company obtained credit facilities as follows:
 LC/SKBDN (local letter of credit) Line of
USD 5.000.000.
 Negotiation line of USD 4.000.000.
 FX Line (TOM, SPOT, Forward, Option and
Derivative) of USD 1.000.000.
Balance as of 31 December 2009 and 2008
amounted to Rp 3.469.161.975 and
Rp 18,733,903,618 respectively.
PT Pan Brothers Tbk dan Anak Perusahaan PT Pan Brothers Tbk and its Subsidiary
Catatan atas laporan keuangan konsolidasian Notes to consolidated financial statements
(lanjutan) (continued)
(Dalam Rupiah) (In Rupiah)

13. Pinjaman jangka pendek (lanjutan) 13. Short term loans (continued)

Pinjaman bank – Bank Internasional Indonesia Bank loans – Bank Internasional Indonesia

PT Pancaprima Ekabrothers (anak perusahaan) PT Pancaprima Ekabrothers (subsidiary)

Berdasarkan surat penegasan kredit PT Bank Based on confirming letter of credit from PT Bank
Internasional Indonesia, Jakarta tertanggal 6 April International Indonesia, Jakarta dated 6 April 2004
2004 No. 2004.027/DIR4-Transaksional, No. 2004.027/DIR4-Transaksional, PT Pancaprima
PT Pancaprima Ekabrohters memperoleh fasilitas Ekabrothers obtained export and import credit
kredit ekspor impor serta fasilitas negosiasi wesel facility and sight export draft negotiation facility
ekspor jenis sight masing-masing sebesar amounting to USD 2.000.000 respectively and
USD 2.000.000, fasilitas transaksi forward jual beli forward transaction facility to buy or sale USD/IDR
USD/IDR sebesar USD 1.000.000. amounting to USD 1.000.000.
Perjanjian kredit telah beberapa kali mengalami The credit agreement has been amended several
perubahan terakhir dengan perjanjian kredit times and most recently by amendment
No. 0062/PrbPK/SCBCJuanda/2010 tanggal No. 0062/PrbPK/SCBCJuanda/2010 dated
11 Agustus 2010 dimana Bank International 11 August 2010, whereby Bank International
Indonesia memberikan fasilitas Letter of Credit Indonesia provides Letter of Credit (L/C Line)
(L/C Line) dan Surat Berdokumen Dalam Negeri facility and the local L/C (SKBDN) in the form of
(SKBDN), L/C atas Unjuk dan L/C Berjangka Sight and Usance L/C, negotiation line and forward
(Sight dan Usance) serta, fasilitas negosiasi ekpor transaction facilities with credit limit of
dokumen serta fasilitas transaksi forward jual beli USD 3.000.000, USD 2.500.000 and USD 1.000.000
masing-masing dengan limit sebesar respectively.
USD 3.000.000, USD 2.500.000 dan
USD 1.000.000.
Saldo per tanggal 31 Desember 2010 dan 2009 Balance as of 31 December 2010 and 2009
masing-masing sebesar Rp 13.384.982.979 dan amounted to Rp 13.384.982.979 and nil
nihil. respectively.

Pinjaman bank – Bank Mizuho Indonesia Bank loans – Bank Mizuho Indonesia

Perusahaan The Company

Berdasarkan surat perjanjian kredit Based on The Loan Agreement
No. 1016/BBA/MZH/1207 tanggal 27 Desember No. 1016/BBA/MZH/1207 dated 27 December 2007
2007, dan perpanjangan yang terakhir melalui surat and latest ammendement No. 790/AMD/MZH/1210
perjanjian kredit No. 790/AMD/MZH/1210 tanggal dated 23 December 2010, the Company obtained
23 Desember 2010, Perusahaan memperoleh credit facilities from Bank Mizuho, in form of:
fasilitas kredit dari Bank Mizuho berupa:
 Fasilitas impor berupa sight and usance L/C  Import facility represents sight and usance L/C
facility dengan pagu sebesar USD 1.500.000. facility with credit limit of USD 1.500.000.
 Fasilitas ekspor berupa bills bought facility  Export facility in form of bills bought facility of
sebesar USD 500.000. USD 500.000.
 Fasilitas valuta asing.  Foreign exchange facility.

Periode fasilitas adalah 24 Desember 2010 sampai The facility period is from 24 December 2010 to
dengan 23 Desember 2011. 23 December 2011.

44
PT Pan Brothers Tbk dan Anak Perusahaan PT Pan Brothers Tbk and its Subsidiary
Catatan atas laporan keuangan konsolidasian Notes to consolidated financial statements
(lanjutan) (continued)
(Dalam Rupiah) (In Rupiah)

13. Pinjaman jangka pendek (lanjutan) 13. Short term loans (continued)

Pinjaman bank – Bank Mizuho Indonesia Bank loans – Bank Mizuho Indonesia

Perusahaan The Company

Saldo per tanggal 31 Desember 2010 dan 2009 Balance as of 31 December 2010 and 2009
masing-masing sebesar Rp 11.476.419.802 dan amounted to Rp 11.476.419.802 and
Rp 8.250.085.968. Rp 8,250,085,968 respectively.

PT Pancaprima Ekabrothers (anak perusahaan) PT Pancaprima Ekabrothers (subsidiary)

PT Pancaprima Ekabrothers memperoleh fasilitas
pinjaman jaminan aksep impor dan fasilitas
Pembelian Tagihan L/C dengan jumlah plafon
masing-masing sebesar USD 1.500.000 dan USD
500.000.
Berdasarkan surat perpanjangan
No. 795/AMD/MZH/1210, No. 796/AMD/MZH/1210
dan No. 797/AMD/MZH/1209 tanggal 24 Desember
2010, fasilitas ini berlaku sampai dengan 23 Desember
2011.
PT Pancaprima Ekabrothers obtained guarantee
import credit facility and Bills Bought L/C with
credit limit of USD 1.500.000 and USD 500.000
respectively.
Based on the letter No. 795/AMD/MZH/1210,
No. 796/AMD/MZH/1210 and
No. 797/AMD/MZH/1210 dated 24 December 2010
this facility is valid until 23 December 2011.

Saldo per 31 Desember 2010 dan 2009 masing- Balance as of 31 December 2010 and 2009
masing sebesar Rp 9.632.192.446 dan amounted to Rp 9.632.192.446 and
Rp 2.691.708.706. Rp 2,691,708,706 respectively.

Pinjaman bank – Standard Chartered Bank Bank loans – Standard Chartered Bank Jakarta
Jakarta

Perusahaan The Company

Berdasarkan perjanjian terakhir yaitu Based on the latest agreement No. JKT/BCC/2947
No. JKT/BCC/2947 tanggal 31 Maret 2010, fasilitas dated 31 March 2010, the credit facilities are as
kredit yang diperoleh adalah: follows:
 Fasilitas Impor sebesar USD 2.250.000.  Import facility amounting to USD 2.250.000.
 Post shipment yaitu negosiasi LC, D/A, D/P,  Post shipment such as LC negotiation, D/A, D/P,
invoice financing sebesar USD 3.250.000. invoice financing amounting to USD 3.250.000.

Jangka waktu fasilitas kredit ini sampai dengan This credit facility period is until 31 March 2011.
31 Maret 2011.

Saldo per tanggal 31 Desember 2010 dan 2009 Balance as of 31 December 2010 and 2009
masing-masing sebesar Rp 20.216.391.442 dan amounted to Rp 20.216.391.442 and
Rp 27.040.142.460. Rp 27,040,142,460 respectively.

4
5