MIRA INFORM REPORT

Report Date :

20.08.2011

IDENTIFICATION DETAILS

Name :	PT INDIKA ENERGY TBK
Registered Office :	Floor 11, Mitra Tower, Jend. Gatot Subroto Rd. Lot 21, Jakarta, 12930
Country :	Indonesia
Financials (as on) :	31.12.2010
Date of Incorporation :	19.10.2000
Legal Form :	Public Subsidiary Company
Line of Business :	Provision of energy services, energy resources and infrastructures, specifically in the areas of coal production, engineering, procurement and construction (EPC) services and power generation projects

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Unknown
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31^st, 2011

Country Name	Previous Rating (31.12.2010)	Current Rating (31.03.2011)
Indonesia	b1	b1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Company name & address

PT Indika Energy Tbk

Floor 11, Mitra Tower

Jend. Gatot Subroto Rd. Lot 21

Jakarta, 12930

Indonesia

Tel: 62-21-25579888

Fax: 62-21-25579800

Web: www.indikaenergy.com

Synthesis

Employees: 225

Company Type: Public Subsidiary

Corporate Family: 2 Companies

Ultimate Parent: PT Indika Mitra Energi

Traded: Indonesia Stock Exchange: INDY

Incorporation Date: 19-Oct-2000

Auditor: Osman Bing Satrio & Rekan

Financials in: USD (Millions)

Fiscal Year End: 31-Dec-2010

Reporting Currency: Indonesian Rupiah

Annual Sales: 414.6 1

Net Income: 85.1

Total Assets: 1,271.8 2

Market Value: 2,293.9

(08-Jul-2011)

Business Description

PT Indika Energy Tbk is an Indonesia-based energy company. The Company is engaged in the provision of energy services, energy resources and infrastructures, specifically in the areas of coal production, engineering, procurement and construction (EPC) services and power generation projects. Its direct subsidiaries are PT Tripatra Engineering, PT Tripatra Engineers & Constructors, PT Indika Inti Corpindo, Indo Integrated Energy B.V., PT Indika Infrastruktur Investindo, PT Petrose and Indika Power Investments Pte. Ltd. Singapore, which are engaged in engineering, construction, mining, consultation, EPC, general trading, investment and financing activities. For the three months ended 31 March 2011, PT Indika Energy Tbk's total revenue increased 3% to RP768.68B. Net income decreased 9% to RP265.16B. Total revenue reflects an increase revenues from Energy Resources and presence of revenue from Energy Infrastructure business segment. Net income was offset by higher cost of contracts and services, higher cost of sales of coal, lower investment income and higher operating expense.

Industry

Industry Coal

ANZSIC 2006: 1090 - Other Mining Support Services

NACE 2002: 1010 - Mining and agglomeration of hard coal

NAICS 2002: 213113 - Support Activities for Coal Mining

UK SIC 2003: 1010 - Mining and agglomeration of hard coal

US SIC 1987: 1241 - Coal Mining Services

Key Executives

Name	Title
M. Arsjad Rasjid	President Director
Azis Armand	Finance & Accounting Director, Unaffiliated Director
Wishnu Wardhana	Vice President Director
Wiwoho Basuki Tjokronegoro	President Commissioner
Agus Lasmono	Vice President Commissioner

Bottom of Form

Significant Developments

Topic	#*	Most Recent Headline	Date
Dividends	1	PT Indika Energy Tbk Announces FY 2010 Final Dividend	11-Jul-2011

* number of significant developments within the last 12 months

News

Title	Date
Fitch rates Indika's USD300m notes at final B+ EquityBites (77 Words)	4-May-2011
Fitch gives final B+ rating to Indika's notes Aii Data Processing Ltd (79 Words)	4-May-2011
Research and Markets: Indonesia - Industrial Construction Market Data & Forecast to 2014 Business Wire (366 Words)	2-Nov-2010
8-10 firms still eyeing key stake in Straits Asia, says CEO The Business Times (467 Words)	7-Mar-2009
Straits Asia shares surge on talk of takeover bid The Straits Times (401 Words)	31-Jan-2009

Financial Summary

As of 31-Mar-2011

Key Ratios	Company	Industry
Current Ratio (MRQ)	2.38	1.65
Quick Ratio (MRQ)	2.36	1.15
Debt to Equity (MRQ)	1.10	0.76
Sales 5 Year Growth	46.74	16.04
Net Profit Margin (TTM) %	19.86	11.14
Return on Assets (TTM) %	6.01	7.93
Return on Equity (TTM) %	13.30	21.28

Stock Snapshot

Traded: Indonesia Stock Exchange: INDY

As of 8-Jul-2011

   Financials in: IDR

Recent Price	3,750.00	EPS	154.32
52 Week High	5,550.00	Price/Sales	5.19
52 Week Low	2,775.00	Dividend Rate	74.00
Avg. Volume (mil)	10.42	Price/Earnings	27.57
Market Value (mil)	19,526,780.00	Price/Book	3.58

	Price % Change	Rel S&P 500%
4 Week	-7.41%	-12.40%
13 Week	-9.64%	-15.55%
52 Week	28.21%	-6.63%
Year to Date	-20.63%	-26.58%

1 - Profit & Loss Item Exchange Rate: USD 1 = IDR 9083.185

2 - Balance Sheet Item Exchange Rate: USD 1 = IDR 9010

Corporate Overview

Location

Floor 11, Mitra Tower

Jend. Gatot Subroto Rd. Lot 21

Jakarta, 12930

Indonesia

Tel: 62-21-25579888

Fax: 62-21-25579800

Web: www.indikaenergy.com

Quote Symbol - Exchange

INDY - Indonesia Stock Exchange

Sales IDR(mil): 3,765,467.0

Assets IDR(mil): 11,458,783.0

Employees: 225

Fiscal Year End: 31-Dec-2010

Industry: Coal

Incorporation Date: 19-Oct-2000

Company Type: Public Subsidiary

Quoted Status: Quoted

President Director: M. Arsjad Rasjid

Company Web Links

· Company Contact/E-mail">Company Contact/E-mail

· Corporate History/Profile

· Employment Opportunities

· Executives

· Financial Information

· Home Page

· Investor Relations

· News Releases

· Products/Services

Contents

· Industry Codes

· Business Description

· Financial Data

· Market Data

· Shareholders

· Subsidiaries

· Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:

6419 - Other Auxiliary Finance and Investment Services

6923 - Engineering Design and Engineering Consulting Services

1090 - Other Mining Support Services

NACE 2002 Codes:

1010 - Mining and agglomeration of hard coal

7420 - Architectural and engineering activities and related technical consultancy

6713 - Activities auxiliary to financial intermediation not elsewhere classified

NAICS 2002 Codes:

213113 - Support Activities for Coal Mining

541330 - Engineering Services

523930 - Investment Advice

US SIC 1987:

6282 - Investment Advice

1241 - Coal Mining Services

8711 - Engineering Services

UK SIC 2003:

74204 - Engineering consultative and design activities

1010 - Mining and agglomeration of hard coal

6713 - Activities auxiliary to financial intermediation not elsewhere classified

Business Description

PT Indika Energy Tbk is an Indonesia-based energy company. The Company is engaged in the provision of energy services, energy resources and infrastructures, specifically in the areas of coal production, engineering, procurement and construction (EPC) services and power generation projects. Its direct subsidiaries are PT Tripatra Engineering, PT Tripatra Engineers & Constructors, PT Indika Inti Corpindo, Indo Integrated Energy B.V., PT Indika Infrastruktur Investindo, PT Petrose and Indika Power Investments Pte. Ltd. Singapore, which are engaged in engineering, construction, mining, consultation, EPC, general trading, investment and financing activities. For the three months ended 31 March 2011, PT Indika Energy Tbk's total revenue increased 3% to RP768.68B. Net income decreased 9% to RP265.16B. Total revenue reflects an increase revenues from Energy Resources and presence of revenue from Energy Infrastructure business segment. Net income was offset by higher cost of contracts and services, higher cost of sales of coal, lower investment income and higher operating expense.

More Business Descriptions

Provision of integrated energy solutions through investment in energy resources, energy services and energy infrastructure

Financial Data

Financials in:	IDR(mil)
Revenue:	3,765,467.0
Net Income:	772,723.2
Assets:	11,458,783.0
Long Term Debt:	4,465,051.0
Total Liabilities:	6,002,888.5
Working Capital:	188.8
Date of Financial Data:	31-Dec-2010

1 Year Growth

51.4%

6.5%

-1.9%

Top

Market Data

Quote Symbol:	INDY
Exchange:	Indonesia Stock Exchange
Currency:	IDR
Stock Price:	3,750.0
Stock Price Date:	07-08-2011
52 Week Price Change %:	28.2
Market Value (mil):	19,526,780,928.0
SEDOL:	B2RHG43
ISIN:	ID1000110901
Equity and Dept Distribution:
IPO: 06/11/2008. All shares prior IPO are proforma. FY'08 & '09 Qs are being restated.

Subsidiaries

Company	Percentage Owned	Country
PT Tripatra Engineers & Constructors	100%	INDONESIA
PT Tripatra Engineering	100%	INDONESIA
PT Indika Inti Corpindo	100%	INDONESIA
PT Petrosea Tbk	99%	INDONESIA
PT Indika Infrastruktur Investindo	100%	INDONESIA
Indika Power Investments Pte Ltd	100%	SINGAPORE

Shareholders

Major Shareholders

PT Indika Mitra Energi (73%)

Key Corporate Relationships

· Auditor: Osman Bing Satrio & Rekan

· Auditor: Osman Bing Satrio & Rekan, Osman Bing Satrio & Rekan

Corporate Family	Corporate Structure News:
	PT Indika Energy Tbk
Total Corporate Family Members: 2

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
PT Indika Mitra Energi	Parent
PT Indika Energy Tbk	Subsidiary	Jakarta	Indonesia	Coal	414.6	225

Executive report

Board of Directors

Name	Title	Function
Wiwoho Basuki Tjokronegoro	President Commissioner	Chairman
Reuters Biography (PT Indika Energy Tbk) Mr. Wiwoho Basuki Tjokronegoro has been President Commissioner of PT Indika Energy Tbk since February 2007. He has worked with PT Tripatra Engineers & Constructors, PT Teladan Resources, PT Indoturbine and PT Teladan Utama. He holds a Bachelor of Science in Petroleum Engineering in 1964 and Master of Science in Petroleum Engineering in 1965 from University of Kansas. MS Petroleum Engineering, University of Kansas BS Petroleum Engineering, University of Kansas
Agus Lasmono	Vice President Commissioner	Vice-Chairman
Reuters Biography (PT Indika Energy Tbk) Mr. Agus Lasmono has been Vice President Commissioner of PT Indika Energy Tbk since February 2007. He also serves as President Commissioner of PT Indika Inti Corporindo and PT Indika Inti Mandiri, Independent Commissioner of PT Surya Citra Media Tbk and PT Surya Citra Televisis and Commissioner of PT Kideco Jaya Agung and PT Indika Mitra Energi. He holds a Bachelor of Arts in Economics from Pepperdine University in 1993 and Master’s degree in International Business from West Coast University in 1995. M International Business, West Coast University BA Economics, Pepperdine University
Muhamad Chatib Basri	Independent Commissioner	Director/Board Member
Reuters Biography (PT Indika Energy Tbk) Mr. Muhammad Chatib Basri has been Independent Commissioner of PT Indika Energy Tbk since March 2008. He is a Senior Lecturer at the University of Indonesia and Research Associate at the Institute for Economic and Social Research. He is also an active member of the Advisory Team to the Indonesian Japan Joint Forum on Investment and the Advisory Team to the Indonesia National Team on International Trade Negotiations. He holds a Bachelor of Economics from Universitas Indonesia in 1992 and Master’s degree in Economic Development in 1996 and Doctorate in Philosophy in Economics in 2001 from Australian National University. PHD Economics, Australian National University M , Australian National University BS Economics, Universitas Indonesia
Indracahya Basuki	Commissioner	Director/Board Member
Reuters Biography (PT Indika Energy Tbk) Mr. Indracahya Basuki has been Commissioner of PT Indika Energy Tbk since February 2007. He also serves as Commissioner of PT Tripatra Engineers & Constructors and PT Tripatra Engineering and Director of PT Teladan Resources and PT Indika Mitra Energi. He holds a Bachelor of Science in Mechanical Engineering from Columbia University in 1996 and Master’s degree in Business Administration from Rice University in 2002. M Business Administration, Rice University School of Architecture BS Mechanical Engineering, Columbia University
Dedi A. Sumanagara	Independent Commissioner	Director/Board Member
Anton Wahjosoedibjo	Independent Commissioner	Director/Board Member
Reuters Biography (PT Indika Energy Tbk) Mr. Anton Wahjosoedibjo has been Independent Commissioner of PT Indika Energy Tbk since March 2008. He also serves as President Director of PT Pranata Energi Nusantara. He has worked with Amoseas Indonesia Inc. and PT Caltex Pacific Indonesia (now known as Chevron). He holds a degree in Electrical Engineering from Institut Teknologi Bandung in 1962 and a diploma in Petroleum Professional from the International Petroleum Institute, Tulsa, USA, in 1976. , International Petroleum Institute Electrical Engineering, Institut Teknologi Bandung

Executives

Name	Title	Function
M. Arsjad Rasjid	President Director	President
Reuters Biography (PT Indika Energy Tbk) Mr. M. Arsjad Rasjid has been President Director of PT Indika Energy Tbk since October 2005. He serves as Commissioner at PT Tripatra Engineers & Constructors and PT Tripatra Engineering, President Director at PT Indika Mitra Energi and PT Indika Infrastruktur Investindo and Director at PT Kideco Jaya Agung. He holds a Bachelor’s degree in Computer Engineering from University of Southern California in 1990 and Bachelor of Science in Business Administration from Pepperdine University, California, in 1993. BS Business Administration, Pepperdine University B Computer Engineering, University of Southern California
Azis Armand	Finance & Accounting Director, Unaffiliated Director	Finance Executive
Reuters Biography (PT Indika Energy Tbk) Mr. Azis Armand has been Finance and Accounting Director and Unaffiliated Director of PT Indika Energy Tbk since February 2007. He also serves as Commissioner of PT Tripatra Engineering, PT Tripatra Engineers & Constructors, PT Indika Inti Corporindo, PT Indika Infrastruktur Investindo and PT Petrosea Tbk. He has worked with PT Pemeringkatan Efek Indonesia and JPMorgan Chase. He holds a Bachelor’s degree in Economics from Universitas Indonesia in 1991 and Master’s degree in Urban Planning from University of Illinois from Urbana-Champaign, USA, in 1995. M Urban Planning, University of Illinois B Economics, Universitas Indonesia
Eddy Junaedy Danu	Director	Other
Reuters Biography (PT Indika Energy Tbk) Mr. Eddy Junaedy Danu has been Director of PT Indika Energy Tbk since May 2009. He also serves as Commissioner of PT Tripatra Engineering, PT Tripatra Engineers & Constructors and PT Indika Infrastruktur Investindo. He holds a degree in Electrical Engineering from Institut Teknologi Bandung in 1973 and Master’s degree in International Business from Prasetya Mulya Business School in 1998. M International Business, Prasetya Business School Electrical Engineering, Institut Teknologi Bandung
Richard Bruce Ness	Director	Other
Reuters Biography (PT Indika Energy Tbk) Mr. Richard Bruce Ness has been Director of PT Indika Energy Tbk since May 2009. He also serves as Vice President Director and Chief Executive Officer of PT Petrosea Tbk since July 2009. He has worked with PT Clinton Indonesia and PT Freeport Indonesia. He is the Mining Chairman at the American Chamber of Commerce, Indonesia. He holds a degree in Mechanics from Moorhead Technical Institute in 1969 and completed a program in Professional Management from Harvard Business School in 1992. , Harvard University , Moorhead State University
Pandri Prabono-Moelyo	Director	Other
Reuters Biography (PT Indika Energy Tbk) Mr. Pandri Prabono-Moelyo has been Director of PT Indika Energy Tbk since February 2007. He also serves as President Commissioner of PT Petrosea Tbk, President Director of PT Tripatra Engineering and PT Tripatra Engineers & Constructors and Director of Tripatra (Singapore) Pte Ltd. He holds a Mechanical Engineering degree from Institut Teknologi Bandung in 1974 and Master’s degree in Business Administration from Central Institute of Management in 1989. M Business Administration, Central Institute of Management Mechanical Engineering, Institut Teknologi Bandung
Wishnu Wardhana	Vice President Director	Other
Reuters Biography (PT Indika Energy Tbk) Mr. Wishnu Wardhana has been Vice President Director of PT Indika Energy Tbk since May 2009. He also serves as President Commissioner of PT Indika Infrastruktur Investindo, Commissioner of PT Indika Mitra Energi, PT Indoturbine, PT Kideco Jaya Agung, PT Tripatra Engineering and PT Tripatra Engineers & Constructors, and President Director of PT Teladan Resources and PT Indika Inti Corpindo. He holds a Bachelor of Arts in Economics from Pepperdine University, USA, in 1993. BA Economics, Pepperdine University
Wadyono Suliantoro Wirjomihardjo	Director	Other
Reuters Biography (PT Indika Energy Tbk) Mr. Wadyono Suliantoro Wirjomihardjo has been Director of PT Indika Energy Tbk since February 2007. He also serves as Commissioner of PT Tripatra Engineering, PT Tripatra Engineers & Constructors and PT Petrosea Tbk, Vice President Director of PT Indika Infrastruktur Investindo and Director of Tripatra (Singapore) Pte Ltd. He holds a Mechanical Engineering degree from Institut Teknologi Bandung in 1975. Mechanical Engineering, Institut Teknologi Bandung

Significant Developments

PT Indika Energy Tbk Announces FY 2010 Final Dividend Jul 11, 2011

PT Indika Energy Tbk announced its final cash dividend of IDR 26 per share for fiscal year 2010. The dividend will be paid on July 29, 2011, to shareholders of record date on July 15, 2011.

Fitch rates Indika's USD300m notes at final B+

EquityBites

04 May 2011

[What follows is the full text of the news story.]

4 May 2011 - Fitch set today a final B+ rating with a recovery rating of 4 to the USD300m (EUR202.5m) notes issued by Indo Energy Finance and guaranteed by Indonesian energy group PT Indika Energy Tbk (JAK:INDY).

The senior unsecured debt matures in 2018.

The assignment of the definitive rating follows a review of final paper confirming the draft information reviewed earlier, Fitch said.

((Comments on this story may be sent to info@m2.com))

Related Topics

· Finance & Accounting Standards

· Financial Markets

Related Industries

· 1000 Metal mining Metal Mining [profile]

· 13100 Mining of iron ores

· 1310 Metal Ore Mining

Fitch gives final B+ rating to Indika's notes

Aii Data Processing Ltd

04 May 2011

[What follows is the full text of the news story.]

(ADPnews) - May 4, 2011 - Fitch set today a final B+ rating with a recovery rating of 4 to the USD 300 million (EUR 202.5m) notes issued by Indo Energy Finance and guaranteed by Indonesian energy group PT Indika Energy Tbk (JAK:INDY).

The senior unsecured debt matures in 2018.

The assignment of the definitive rating follows a review of final paper confirming the draft information reviewed earlier, Fitch said.

Rating agency website: www.fitchratings.com

Related Topics

· Finance & Accounting Standards

· Financial Markets

Related Industries

· 1000 Metal mining Metal Mining [profile]

· 13100 Mining of iron ores

· 1310 Metal Ore Mining

Research and Markets: Indonesia - Industrial Construction Market Data & Forecast to 2014

Business Wire

02 November 2010

[What follows is the full text of the news story.]

DUBLIN--(BUSINESS WIRE)-- Research and Markets (http://www.researchandmarkets.com/research/48be23/indonesia_indust) has announced the addition of the "Indonesia - Industrial Construction Market Data & Forecast to 2014" report to their offering.

Indonesia Industrial Construction Market Data & Forecast to 2014 is the essential entry level source for industry data and analysis, covering the Industrial Construction market in Indonesia, both at the top level and providing in-depth category and channel insight. The report provides historical market values for the period 2005-2009 at an overall level, as well as showing category splits which make up the Industrial Construction market in Indonesia. The report also contains forecast values and segmentation for 2010 to 2014 for the construction industry in Indonesia. Profiles are included for the top 5 companies:

PT Adhi Karya (Persero) Tbk,

PT Wijaya Karya (Persero) Tbk,

PT Jasa Marga (Persero) Tbk,

PT Indika Energy Tbk,

PT Petrosea Tbk

Each of these profiles includes key facts about the company as well as contact information and an overview of the key areas and geographies in which they are engaged.

Key Topics Covered:

1 MARKET ANALYSIS

1.1 Overview

2 MARKET DATA

2.1 Market Value 2005-2009

2.2 Market Segmentation, By Project Type, 2005-2009

2.3 Market Value Forecast, 2009-2014

2.4 Future Market Segmentation, By Project Type, 2009-2014

3 LEADING COMPANIES

3.1 PT Adhi Karya (Persero) Tbk.

3.1.1 Key Facts

3.1.2 Business Description

3.2 PT Wijaya Karya (Persero) Tbk.

3.2.1 Key Facts

3.2.2 Business Description

3.3 PT Jasa Marga (Persero) Tbk

3.3.1 Key Facts

3.3.2 Business Description

3.4 PT Indika Energy Tbk

3.4.1 Key Facts

3.4.2 Business Description

3.5 PT Petrosea Tbk

3.5.1 Key Facts

3.5.2 Business Description

4 APPENDIX

For more information visit http://www.researchandmarkets.com/research/48be23/indonesia_indust

Research and Markets

Laura Wood, Senior Manager,

press@researchandmarkets.com

U.S. Fax: 646-607-1907

Fax (outside U.S.): +353-1-481-1716

Related Geographies

· Asia

· Europe

· Indonesia

· Ireland

Related Industries

· 1500 General building contractors Construction Services [profile]

· 45250 Other construction work involving special trades

· 4100 General Construction

Annual Income Statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007	Updated Normal 31-Dec-2007
Filed Currency	IDR	IDR	IDR	IDR	IDR
Exchange Rate (Period Average)	9083.184426	10377.335616	9655.789617	9141.174863	9166.693989
Auditor	Osman Bing Satrio & Rekan	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified with Explanation	Unqualified with Explanation
Net Sales	414.6	239.6	239.7	255.7	129.7
Revenue	414.6	239.6	239.7	255.7	129.7
Total Revenue	414.6	239.6	239.7	255.7	129.7
Cost of Revenue	347.1	179.9	210.0	228.1	118.2
Cost of Revenue, Total	347.1	179.9	210.0	228.1	118.2
Gross Profit	67.4	59.7	29.7	27.6	11.5
Selling/General/Administrative Expense	0.3	2.4	-	-	-
Total Selling/General/Administrative Expenses	0.3	2.4	-	-	-
Amortization of Intangibles	5.2	2.3	1.9	1.4	-
Amortization of Acquisition Costs	3.9	1.6	-	-	-
Depreciation/Amortization	9.0	3.9	1.9	1.4	-
Impairment-Assets Held for Use	0.0	23.2	-	-	-
Unusual Expense (Income)	0.0	23.2	-	-	-
Other Operating Expense	74.7	41.3	16.9	6.2	5.8
Other Operating Expenses, Total	74.7	41.3	16.9	6.2	5.8
Total Operating Expense	431.1	250.7	228.8	235.6	124.0
Operating Income	-16.5	-11.1	10.9	20.0	5.7
Interest Expense - Non-Operating	-53.7	-28.7	-23.1	-24.2	-8.3
Interest Expense, Net Non-Operating	-53.7	-28.7	-23.1	-24.2	-8.3
Interest Income - Non-Operating	6.9	8.1	8.3	7.6	2.6
Investment Income - Non-Operating	159.5	118.5	126.6	35.3	25.6
Interest/Investment Income - Non-Operating	166.4	126.6	135.0	42.9	28.2
Interest Income (Expense) - Net Non-Operating Total	112.7	97.9	111.8	18.8	19.9
Gain (Loss) on Sale of Assets	-	-	0.0	0.0	0.0
Unrealized Gains (Losses)	0.4	0.0	-	-	-
Other Non-Operating Income (Expense)	3.5	-0.4	0.2	-1.4	-3.3
Other, Net	3.9	-0.4	0.2	-1.4	-3.3
Income Before Tax	100.0	86.4	123.0	37.4	22.2
Total Income Tax	14.3	15.3	10.6	8.4	2.9
Income After Tax	85.7	71.2	112.3	29.0	19.3
Minority Interest	-0.6	-1.2	0.0	0.0	0.0
Net Income Before Extraord Items	85.1	69.9	112.3	29.0	19.3
Net Income	85.1	69.9	112.3	29.0	19.3
Income Available to Common Excl Extraord Items	85.1	69.9	112.3	29.0	19.3
Income Available to Common Incl Extraord Items	85.1	69.9	112.3	29.0	19.3
Basic/Primary Weighted Average Shares	5,207.1	5,207.1	4,836.1	5,207.1	5,207.1
Basic EPS Excl Extraord Items	0.02	0.01	0.02	0.01	0.00
Basic/Primary EPS Incl Extraord Items	0.02	0.01	0.02	0.01	0.00
Diluted Net Income	85.1	69.9	112.3	29.0	19.3
Diluted Weighted Average Shares	5,234.7	5,207.1	4,844.8	5,207.1	5,207.1
Diluted EPS Excl Extraord Items	0.02	0.01	0.02	0.01	0.00
Diluted EPS Incl Extraord Items	0.02	0.01	0.02	0.01	0.00
Dividends per Share - Common Stock Primary Issue	0.01	0.01	0.00	0.00	0.00
Gross Dividends - Common Stock	67.5	42.1	0.0	0.0	0.0
Interest Expense, Supplemental	54.4	37.2	23.2	24.8	8.4
Depreciation, Supplemental	31.5	13.7	2.0	1.4	0.9
Total Special Items	3.9	24.8	0.0	0.0	0.0
Normalized Income Before Tax	103.9	111.3	122.9	37.4	22.2
Effect of Special Items on Income Taxes	0.0	4.1	0.0	0.0	0.0
Inc Tax Ex Impact of Sp Items	14.3	19.3	10.6	8.4	2.9
Normalized Income After Tax	89.6	91.9	112.3	29.0	19.3
Normalized Inc. Avail to Com.	88.9	90.7	112.3	29.0	19.3
Basic Normalized EPS	0.02	0.02	0.02	0.01	0.00
Diluted Normalized EPS	0.02	0.02	0.02	0.01	0.00
Amort of Acquisition Costs, Supplemental	3.9	1.6	-	-	-
Amort of Intangibles, Supplemental	5.2	2.3	1.9	1.4	-
Rental Expenses	7.0	4.7	4.6	8.2	-
Normalized EBIT	-16.5	12.2	10.9	20.0	5.7
Normalized EBITDA	24.0	29.7	14.7	22.8	6.6
Current Tax - Total	8.8	3.0	10.0	8.2	3.1
Current Tax - Total	8.8	3.0	10.0	8.2	3.1
Deferred Tax - Total	1.0	9.3	0.7	0.2	-0.2
Deferred Tax - Total	1.0	9.3	0.7	0.2	-0.2
Other Tax	4.5	2.9	-	-	-
Income Tax - Total	14.3	15.3	10.6	8.4	2.9

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
UpdateType/Date	Reclassified Normal 31-Mar-2011	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009	Updated Normal 31-Dec-2007	Updated Normal 31-Dec-2007
Filed Currency	IDR	IDR	IDR	IDR	IDR
Exchange Rate	9010	9395	10900	9392.5	8993.5
Auditor	Osman Bing Satrio & Rekan	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified with Explanation	Unqualified with Explanation
Cash & Equivalents	234.3	313.5	213.9	93.0	45.9
Short Term Investments	174.5	58.6	65.7	5.3	22.4
Cash and Short Term Investments	408.8	372.1	279.7	98.3	68.3
Accounts Receivable - Trade, Gross	64.4	77.3	37.7	43.4	-
Provision for Doubtful Accounts	-1.5	-2.8	-0.4	0.0	-
Trade Accounts Receivable - Net	67.3	82.3	37.3	43.4	29.6
Other Receivables	8.6	15.2	5.9	3.0	11.9
Total Receivables, Net	75.9	97.5	43.2	46.4	41.6
Inventories - Raw Materials	8.1	6.4	0.0	-	-
Inventories - Other	-2.5	-2.4	0.0	-	-
Total Inventory	5.6	4.0	0.0	-	-
Prepaid Expenses	40.1	30.0	25.3	15.8	6.7
Restricted Cash - Current	4.9	4.6	4.0	3.8	-
Other Current Assets	15.9	10.9	7.7	25.0	12.1
Other Current Assets, Total	20.8	15.5	11.7	28.9	12.1
Total Current Assets	551.2	519.0	359.8	189.4	128.7
Buildings	28.5	23.6	2.2	2.2	1.7
Land/Improvements	26.5	4.7	1.5	1.8	1.8
Machinery/Equipment	268.5	201.8	10.0	7.1	7.7
Construction in Progress	25.5	4.0	-	-	-
Property/Plant/Equipment - Gross	348.9	234.0	13.7	11.1	11.2
Accumulated Depreciation	-138.7	-107.5	-4.8	-4.6	-5.2
Property/Plant/Equipment - Net	210.2	126.6	8.9	6.4	6.0
Goodwill, Net	33.4	35.2	-	-	-
Intangibles, Net	34.8	32.3	25.2	27.0	-
LT Investment - Affiliate Companies	284.3	295.8	233.9	195.5	176.4
LT Investments - Other	36.1	56.0	62.4	10.6	0.0
Long Term Investments	320.5	351.8	296.3	206.1	176.4
Note Receivable - Long Term	59.1	51.8	24.0	-	-
Deferred Charges	1.0	0.0	-	-	1.6
Deferred Income Tax - Long Term Asset	0.2	0.1	0.0	0.7	1.0
Restricted Cash - Long Term	60.6	126.1	84.8	103.8	-
Other Long Term Assets	0.8	0.7	0.2	-	20.2
Other Long Term Assets, Total	62.6	126.9	84.9	104.5	22.8
Total Assets	1,271.8	1,243.6	799.1	533.4	333.8
Accounts Payable	65.5	72.7	37.6	53.1	36.1
Payable/Accrued	22.3	11.9	4.6	23.2	13.3
Notes Payable/Short Term Debt	24.0	5.5	0.0	4.1	27.9
Current Portion - Long Term Debt/Capital Leases	19.2	21.3	0.5	0.1	31.0
Customer Advances	1.2	1.4	0.0	0.2	0.2
Income Taxes Payable	4.9	2.5	5.5	4.6	2.4
Other Payables	1.1	2.7	0.5	1.1	1.9
Other Current Liabilities	12.7	29.2	22.9	20.7	-
Other Current liabilities, Total	19.9	35.8	28.9	26.5	4.5
Total Current Liabilities	150.9	147.2	71.6	107.1	112.8
Long Term Debt	464.8	461.9	247.6	244.2	65.6
Capital Lease Obligations	30.8	49.0	-	-	-
Total Long Term Debt	495.6	510.9	247.6	244.2	65.6
Total Debt	538.8	537.7	248.1	248.4	124.5
Deferred Income Tax - LT Liability	9.3	7.8	-	-	-
Deferred Income Tax	9.3	7.8	-	-	-
Minority Interest	-	1.4	0.0	0.0	0.0
Pension Benefits - Underfunded	7.8	6.2	1.2	1.5	2.2
Other Long Term Liabilities	2.8	2.7	0.4	-	-
Other Liabilities, Total	10.5	8.9	1.6	1.5	2.2
Total Liabilities	666.2	676.1	320.8	352.8	180.6
Common Stock	57.8	55.4	47.8	46.6	48.5
Common Stock	57.8	55.4	47.8	46.6	48.5
Additional Paid-In Capital	247.4	237.2	204.9	-	0.2
Retained Earnings (Accumulated Deficit)	280.4	251.8	190.3	118.6	94.4
ESOP Debt Guarantee	7.1	3.9	0.1	-	-
Unrealized Gain (Loss)	-	-0.7	-	-	-
Translation Adjustment	0.1	9.4	26.4	5.0	-0.6
Other Equity	12.8	10.4	9.0	10.4	10.9
Other Equity, Total	12.9	19.8	35.4	15.4	10.2
Total Equity	605.5	567.5	478.3	180.6	153.3
Total Liabilities & Shareholders’ Equity	1,271.8	1,243.6	799.1	533.4	333.8
Shares Outstanding - Common Stock Primary Issue	5,207.1	5,207.1	5,207.1	5,207.1	5,207.1
Total Common Shares Outstanding	5,207.1	5,207.1	5,207.1	5,207.1	5,207.1
Employees	243	119	76	69	40
Deferred Revenue - Current	1.2	1.4	0.0	0.2	0.2
Deferred Revenue - Long Term	2.3	2.2	-	-	-
Interest Costs	-3.5	-	-	-	-
Total Capital Leases, Supplemental	49.2	-	-	-	-
Capital Lease Payments Due in Year 1	20.2	-	-	-	-
Capital Lease Payments Due in Year 2	18.1	-	-	-	-
Capital Lease Payments Due in Year 3	12.8	-	-	-	-
Capital Lease Payments Due in Year 4	1.6	-	-	-	-
Capital Lease Payments Due in 2-3 Years	30.9	-	-	-	-
Capital Lease Payments Due in 4-5 Years	1.6	-	-	-	-
Cap. Lease Pymts. Due in Year 6 & Beyond	-3.5	-	-	-	-

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Restated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	IDR	IDR	IDR	IDR	IDR
Exchange Rate (Period Average)	9083.184426	10377.335616	9655.789617	9141.174863	9166.693989
Auditor	Osman Bing Satrio & Rekan	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified with Explanation	Unqualified with Explanation
Cash Receipts	441.3	238.1	244.8	240.5	97.0
Cash Payments	-437.2	-194.2	-239.9	-197.3	-90.5
Cash Taxes Paid	-22.6	-13.6	-14.9	-7.6	-2.4
Cash Interest Paid	-44.8	-23.3	-21.4	-12.1	-
Other Operating Cash Flow	4.5	5.6	7.1	8.3	2.8
Changes in Working Capital	4.5	5.6	7.1	8.3	2.8
Cash from Operating Activities	-58.7	12.5	-24.3	31.8	6.9
Purchase of Fixed Assets	-108.8	-10.1	-4.4	-2.0	-1.3
Capital Expenditures	-108.8	-10.1	-4.4	-2.0	-1.3
Acquisition of Business	-3.5	-102.3	-0.1	-41.0	-19.7
Sale of Fixed Assets	0.0	0.0	0.2	0.1	0.0
Sale/Maturity of Investment	32.8	33.0	21.8	16.5	1.0
Purchase of Investments	-114.6	-33.4	-154.3	-10.9	-7.8
Other Investing Cash Flow	243.6	36.1	46.9	-69.1	17.9
Other Investing Cash Flow Items, Total	158.3	-66.6	-85.6	-104.3	-8.5
Cash from Investing Activities	49.5	-76.7	-90.0	-106.4	-9.8
Other Financing Cash Flow	-68.3	-48.4	-27.6	3.9	-6.3
Financing Cash Flow Items	-68.3	-48.4	-27.6	3.9	-6.3
Sale/Issuance of Common	-	0.0	254.5	0.0	-
Common Stock, Net	-	0.0	254.5	0.0	-
Issuance (Retirement) of Stock, Net	-	0.0	254.5	0.0	-
Short Term Debt Issued	-	-	-	0.4	0.1
Short Term Debt Reduction	-	-	-	0.0	-0.3
Short Term Debt, Net	-	-	-	0.4	-0.2
Long Term Debt Issued	18.2	225.2	0.0	248.9	40.2
Long Term Debt Reduction	-21.9	-10.4	-4.4	-129.2	-50.5
Long Term Debt, Net	-3.7	214.8	-4.4	119.7	-10.4
Issuance (Retirement) of Debt, Net	-3.7	214.8	-4.4	120.1	-10.6
Cash from Financing Activities	-72.0	166.4	222.6	124.0	-16.9
Foreign Exchange Effects	-10.6	-43.1	42.8	0.9	-2.3
Net Change in Cash	-91.8	59.1	151.1	50.4	-22.1
Net Cash - Beginning Balance	324.2	224.7	90.5	45.2	67.1
Net Cash - Ending Balance	232.4	283.8	241.5	95.6	45.0

Annual Income Statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007	Updated Normal 31-Dec-2007
Filed Currency	IDR	IDR	IDR	IDR	IDR
Exchange Rate (Period Average)	9083.184426	10377.335616	9655.789617	9141.174863	9166.693989
Auditor	Osman Bing Satrio & Rekan	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified with Explanation	Unqualified with Explanation
Contracts	386.1	209.1	211.2	234.2	110.0
Sales of Coal	28.5	30.5	27.5	21.5	19.7
Rendering of Services	-	-	1.1	-	-
Total Revenue	414.6	239.6	239.7	255.7	129.7
Cost of Contracts	319.3	149.7	182.7	206.8	98.8
Cost of Sales of Coal	27.8	30.2	27.3	21.3	19.4
Operating Expenses	74.7	41.3	16.9	6.2	5.8
Amortization of Intangible	5.2	2.3	1.9	1.4	-
Amortization goodwill	3.9	1.6	-	-	-
Doubtful Account	0.3	2.4	-	-	-
Impairment of Intangible Assets	0.0	23.2	-	-	-
Total Operating Expense	431.1	250.7	228.8	235.6	124.0
Equity in Net Earnings of Investee	158.8	142.2	106.2	42.5	16.4
Interest Income	6.9	8.1	8.3	7.6	2.6
Gain on Disposal of Subsidiary	-	0.0	0.3	-	-
Gain (Loss) from Investment in Shares	3.8	0.0	0.0	0.2	-
Inrealized Gain on Investment	0.4	0.0	-	-	-
Gain (Loss) on Sale of Fixed Assets	-	-	0.0	0.0	0.0
Gain (Loss) on Derivative	-	-	0.0	-2.7	0.6
Gain (Loss) on Foreign Exchange	-3.2	-23.6	20.2	-4.6	9.3
Interest and Other Financial Charges	-53.7	-28.7	-23.1	-24.2	-8.3
Loss on Sale of Investments	-	-	-	-	-0.8
Others	3.5	-0.4	0.2	-1.4	-3.3
Net Income Before Taxes	100.0	86.4	123.0	37.4	22.2
Provision for Income Taxes	14.3	15.3	10.6	8.4	2.9
Net Income After Taxes	85.7	71.2	112.3	29.0	19.3
Minority Interest	-0.6	-1.2	0.0	0.0	0.0
Net Income Before Extra. Items	85.1	69.9	112.3	29.0	19.3
Net Income	85.1	69.9	112.3	29.0	19.3
Income Available to Com Excl ExtraOrd	85.1	69.9	112.3	29.0	19.3
Income Available to Com Incl ExtraOrd	85.1	69.9	112.3	29.0	19.3
Basic Weighted Average Shares	5,207.1	5,207.1	4,836.1	5,207.1	5,207.1
Basic EPS Excluding ExtraOrdinary Items	0.02	0.01	0.02	0.01	0.00
Basic EPS Including ExtraOrdinary Items	0.02	0.01	0.02	0.01	0.00
Diluted Net Income	85.1	69.9	112.3	29.0	19.3
Diluted Weighted Average Shares	5,234.7	5,207.1	4,844.8	5,207.1	5,207.1
Diluted EPS Excluding ExtraOrd Items	0.02	0.01	0.02	0.01	0.00
Diluted EPS Including ExtraOrd Items	0.02	0.01	0.02	0.01	0.00
DPS-Common Stock	0.01	0.01	0.00	0.00	0.00
Gross Dividends - Common Stock	67.5	42.1	0.0	0.0	0.0
Normalized Income Before Taxes	103.9	111.3	122.9	37.4	22.2
Inc Tax Ex Impact of Sp Items	14.3	19.3	10.6	8.4	2.9
Normalized Income After Taxes	89.6	91.9	112.3	29.0	19.3
Normalized Inc. Avail to Com.	88.9	90.7	112.3	29.0	19.3
Basic Normalized EPS	0.02	0.02	0.02	0.01	0.00
Diluted Normalized EPS	0.02	0.02	0.02	0.01	0.00
Interest and Financial Charges	53.7	28.7	23.1	24.2	8.3
Depreciation	31.5	13.7	2.0	1.4	0.9
Bank Charges	0.6	8.4	0.0	0.7	0.1
Amortization of Goodwill	3.9	1.6	-	-	-
Amortization of Intangible	5.2	2.3	1.9	1.4	-
Rental Expense	7.0	4.7	4.6	8.2	-
Current Tax	8.8	3.0	10.0	8.2	3.1
Current Tax - Total	8.8	3.0	10.0	8.2	3.1
Deferred Tax	1.0	9.3	0.7	0.2	-0.2
Deferred Tax - Total	1.0	9.3	0.7	0.2	-0.2
Final Tax	4.5	2.9	-	-	-
Income Tax - Total	14.3	15.3	10.6	8.4	2.9

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
UpdateType/Date	Reclassified Normal 31-Mar-2011	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009	Updated Normal 31-Dec-2007	Updated Normal 31-Dec-2007
Filed Currency	IDR	IDR	IDR	IDR	IDR
Exchange Rate	9010	9395	10900	9392.5	8993.5
Auditor	Osman Bing Satrio & Rekan	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified with Explanation	Unqualified with Explanation
Cash and Equivalents	234.3	313.5	213.9	93.0	45.9
Restricted Cash in Banks	4.9	4.6	4.0	3.8	-
Short Term Investment	174.5	58.6	65.7	5.3	22.4
Trade Receivable, Related	4.4	7.8	-	-	-
Trade Receivable, Gross	64.4	77.3	37.7	43.4	-
Provision for Doubtful Accounts	-1.5	-2.8	-0.4	0.0	-
Trade Receivable	-	-	-	-	29.6
Est. Earning in Excess of Contract Bills	9.6	3.9	4.9	22.5	11.2
Other Receivable, Related	6.0	13.0	0.6	2.7	2.8
Other Receivable, Third	2.6	2.1	5.2	0.3	9.1
Prepaid Tax	40.1	30.0	25.3	15.8	6.7
Spare parts and supplies	7.4	5.9	0.0	-	-
Diesel fuel	0.6	0.3	0.0	-	-
Lubricants	0.1	0.1	0.0	-	-
Prov. for Stock Obsolescence	-2.5	-2.4	0.0	-	-
Other Assets	6.4	7.0	2.8	2.5	0.9
Total Current Assets	551.2	519.0	359.8	189.4	128.7
Account Receivable from Related Parties	58.1	51.8	24.0	-	-
Accounts Receivable - Third Parties	1.0	0.0	-	-	-
Investment in Associates	284.3	295.8	233.9	195.5	176.4
Other Investment	36.1	56.0	62.4	10.6	0.0
Land	26.5	4.7	1.5	1.8	1.8
Building	28.5	23.6	2.2	2.2	1.7
Office Equipment	17.7	10.4	3.6	2.7	1.8
Kitchen Equipment	-	0.0	0.0	0.0	-
Vehicles	9.8	7.8	6.1	4.2	5.7
Machinery	2.4	1.1	0.2	0.0	0.0
Plant, Equipment and Vehicles	123.8	71.6	-	-	-
Leased Assets	114.7	110.9	0.1	0.1	0.1
Construction in progress	25.5	4.0	-	-	-
Accumulated Depreciation	-138.7	-107.5	-4.8	-4.6	-5.2
Intangible Assets	34.8	32.3	25.2	27.0	-
Restricted Cash in Banks	60.6	126.1	84.8	103.8	-
Deferred Tax Assets	0.2	0.1	0.0	0.7	1.0
Deferred Charges	-	-	-	-	1.6
Goodwill	33.4	35.2	-	-	-
Deferred Charges for Landrights	1.0	0.0	-	-	-
Refundable Deposit	0.8	0.7	0.2	-	20.2
Total Assets	1,271.8	1,243.6	799.1	533.4	333.8
Bank Loan	24.0	5.5	0.0	4.1	27.9
Trade Payable, Related	17.8	31.8	14.8	5.8	6.6
Trade Payable, Third	47.7	40.8	22.9	47.3	29.5
Billings in Excess of Est. Earnings	12.7	29.2	22.9	20.7	-
Other Payable, Related	0.1	0.0	0.0	0.6	0.2
Other Payable, Third	1.1	2.7	0.5	0.5	1.8
Tax Payable	4.9	2.5	5.5	4.6	2.4
Accrued Expense	22.3	11.9	4.6	23.2	13.3
Customer Advances	0.5	0.0	0.0	0.2	0.2
Current Portion of Long Term Debt	0.9	0.7	0.5	0.1	31.0
Current Portion of Lease Liabilities	18.4	20.5	-	-	-
Deferred income	0.7	1.4	-	-	-
Total Current Liabilities	150.9	147.2	71.6	107.1	112.8
Long Term Debt	1.5	0.5	0.8	0.1	65.6
Lease Liabilities	30.8	49.0	-	-	-
Bond	463.3	461.4	246.8	244.1	-
Total Long Term Debt	495.6	510.9	247.6	244.2	65.6
Negative Goodwill	0.5	0.5	0.4	-	-
Employee Benefits	7.8	6.2	1.2	1.5	2.2
Payable to related party	2.3	2.2	-	-	-
Deferred Tax Liabilities	9.3	7.8	-	-	-
Minority Interest	-	1.4	0.0	0.0	0.0
Total Liabilities	666.2	676.1	320.8	352.8	180.6
Common Stock	57.8	55.4	47.8	46.6	48.5
Additional Paid in Capital	247.4	237.2	204.9	-	0.2
Other Capital- ESOP	7.1	3.9	0.1	-	-
Unrealized Gains/(Loss) on Securities	-	-0.7	-	-	-
Different in Common Control Entities	10.9	10.4	9.0	10.4	10.9
Translation Adjustments	0.1	9.4	26.4	5.0	-0.6
Retained Earnings Appropriated	2.2	1.1	190.3	118.6	94.4
Retained Earnings Unappropriated	278.1	250.8	-	-	-
Non Controlling Interest	1.9	-	-	-	-
Total Equity	605.5	567.5	478.3	180.6	153.3
Total Liabilities & Shareholders' Equity	1,271.8	1,243.6	799.1	533.4	333.8
S/O-Common Stock	5,207.1	5,207.1	5,207.1	5,207.1	5,207.1
Total Common Shares Outstanding	5,207.1	5,207.1	5,207.1	5,207.1	5,207.1
Customer Advances	1.2	1.4	0.0	0.2	0.2
Advances - Long Term	2.3	2.2	-	-	-
Full-Time Employees	243	119	76	69	40
Capital Lease Payments Due within 1 Year	20.2	-	-	-	-
Capital Lease Payments Due in Year 2	18.1	-	-	-	-
Capital Lease Payments Due in Year 3	12.8	-	-	-	-
Capital Lease Payments Due in Year 4	1.6	-	-	-	-
Interest Costs	-3.5	-	-	-	-
Total Capital Leases, Supplemental	49.2	-	-	-	-

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Restated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	IDR	IDR	IDR	IDR	IDR
Exchange Rate (Period Average)	9083.184426	10377.335616	9655.789617	9141.174863	9166.693989
Auditor	Osman Bing Satrio & Rekan	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified with Explanation	Unqualified with Explanation
Cash Receipts	441.3	238.1	244.8	240.5	97.0
Cash Payments	-437.2	-194.2	-239.9	-197.3	-90.5
Interest Income	4.5	5.6	7.1	8.3	2.8
Cash Interest Paid	-44.8	-23.3	-21.4	-12.1	-
Cash Taxes Paid	-26.7	-13.6	-14.9	-7.6	-2.4
Tax Refund	4.1	0.0	-	-	-
Cash from Operating Activities	-58.7	12.5	-24.3	31.8	6.9
Dividend Income	176.0	109.8	51.2	28.5	18.4
Maturity of Short Term Investments	25.5	8.5	21.7	16.5	-
Purchase of Short Term Investments	-112.1	0.0	-89.8	0.0	-7.8
Restricted Cash in Banks	64.7	-36.6	19.6	-110.6	-
Sale of Fixed Assets	0.0	0.0	0.2	0.1	0.0
Sale of Investment in Subsidiary	-	0.0	0.1	0.0	-
Purchase of Fixed Assets	-108.8	-10.1	-4.4	-2.0	-1.3
Advances for Investments	-2.5	-33.4	-64.4	-10.9	-
Disbursement Acc.Rcvbl. fr. Rel. Parties	0.0	-37.2	-25.1	0.0	-
Proceeds Acc. Rcvbl. from Rel. Parties	9.4	0.0	1.1	13.0	-
Loan Given to a Related Party	-6.4	0.0	-	-	-
Investment Advance Refund	7.2	24.5	0.0	-	1.0
Acquisition of Associates	-3.5	-102.3	-0.1	-41.0	-19.7
Deferred Charges	-	-	-	-	-0.5
Cash from Investing Activities	49.5	-76.7	-90.0	-106.4	-9.8
Proceeds from IPO	-	0.0	254.5	0.0	-
Share Issuance Costs	-0.8	-8.2	-14.7	0.0	-
Other Receivable Income	-	-	-	-	2.2
Other Receivable Payment	-	-	-	-	-8.5
Bank Loan	18.2	0.4	0.0	4.2	27.4
Bank Loan	-0.1	0.0	-4.0	-27.8	-
Payment of Dividend Prior IPO	-67.5	-42.1	-12.9	0.0	-
Other Loan	-	-	-	0.4	0.1
Other Loan	-	-	-	0.0	-0.3
Long Term Debt	-	-	-	-	12.8
Long Term Debt	-21.8	-10.4	-0.4	-101.4	-50.5
Bond Issued	0.0	224.8	0.0	244.7	-
Bond Issuance Cost	-	-	0.0	-7.7	-
Proceeds from Related Party Payable	0.0	2.0	0.0	11.6	-
Cash from Financing Activities	-72.0	166.4	222.6	124.0	-16.9
Foreign Exchange Effects	-10.6	-43.1	42.8	0.9	-2.3
Net Change in Cash	-91.8	59.1	151.1	50.4	-22.1
Cash Beginning	324.2	224.7	90.5	45.2	67.1
Cash Ending	232.4	283.8	241.5	95.6	45.0

Financial Health

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Key Indicators USD (mil)
	Quarter Ending 31-Mar-2011	Quarter Ending Yr Ago	Annual Year End 31-Dec-2010	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue1 (?)	86.3	2.71%	414.6	51.43%	17.23%	46.74%
Operating Income1 (?)	-6.2	-	-16.5	-	-	-
Income Available to Common Excl Extraord Items1 (?)	29.8	-9.11%	85.1	6.48%	42.87%	47.78%
Basic EPS Excl Extraord Items1 (?)	0.01	-9.11%	0.02	6.48%	42.87%	47.78%
Capital Expenditures2 (?)	32.1	537.07%	108.8	840.00%	276.69%	100.95%
Cash from Operating Activities2 (?)	3.4	-79.56%	-58.7	-	-	-
Free Cash Flow (?)	-29.3	-	-168.9	-	-	-
Total Assets3 (?)	1,507.7	10.55%	1,271.8	-1.92%	31.76%	32.72%
Total Liabilities3 (?)	857.9	18.40%	666.2	-5.49%	21.90%	28.38%
Total Long Term Debt3(?)	493.1	-6.95%	495.6	-6.97%	24.86%	35.14%
Employees3 (?)	-	-	243	104.20%	52.14%	42.06%
Total Common Shares Outstanding3 (?)	5,207.1	0.00%	5,207.1	0.00%	0.00%	0.00%
1-ExchangeRate: IDR to USD Average for Period	8904.219780		9083.184426
2-ExchangeRate: IDR to USD Average for Period	8904.219780		9083.184426
3-ExchangeRate: IDR to USD Period End Date	8707.500000		9010.000000

Utility Industry Specific USD (mil)
	31-Dec-2010	31-Dec-2009	31-Dec-2006
Deferred Charges3 (?)	1.0	0.0	1.6
3-ExchangeRate: IDR to USD Period End Date	9010.000000	9395.000000	8993.500000

Key Ratios
	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Profitability
Gross Margin (?)	16.26%	24.93%	12.39%	10.79%	8.87%
Operating Margin (?)	-3.98%	-4.62%	4.53%	7.82%	4.37%
Pretax Margin (?)	24.13%	36.06%	51.31%	14.63%	17.15%
Net Profit Margin (?)	20.52%	29.18%	46.87%	11.34%	14.91%
Financial Strength
Current Ratio (?)	3.65	3.53	5.02	1.77	1.14
Long Term Debt/Equity (?)	0.82	0.90	0.52	1.35	0.43
Total Debt/Equity (?)	0.89	0.95	0.52	1.38	0.81
Management Effectiveness
Return on Assets (?)	6.73%	7.24%	15.81%	6.61%	6.13%
Return on Equity (?)	14.33%	13.76%	31.40%	17.23%	14.53%
Efficiency
Receivables Turnover (?)	4.71	3.59	5.11	5.77	5.06
Inventory Turnover (?)	71.62	-	-	-	-
Asset Turnover (?)	0.33	0.24	0.34	0.58	0.41

Market Valuation USD (mil)
P/E (TTM) (?)	26.27	.	Enterprise Value2 (?)	2,342.2
Price/Sales (TTM) (?)	5.16	.	Enterprise Value/Revenue (TTM) (?)	5.39
Price/Book (MRQ) (?)	3.45	.	Enterprise Value/EBITDA (TTM) (?)	135.98
Market Cap as of 08-Jul-20111 (?)	2,293.9	.
1-ExchangeRate: IDR to USD on 8-Jul-2011	8512.500000
2-ExchangeRate: IDR to USD on 31-Mar-2011	8707.500000

Annual Ratios

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Financial Strength
Current Ratio (?)	3.65	3.53	5.02	1.77	1.14
Quick/Acid Test Ratio (?)	3.21	3.19	4.51	1.35	0.97
Working Capital1 (?)	400.3	371.9	288.2	82.3	15.9
Long Term Debt/Equity (?)	0.82	0.90	0.52	1.35	0.43
Total Debt/Equity (?)	0.89	0.95	0.52	1.38	0.81
Long Term Debt/Total Capital (?)	0.43	0.46	0.34	0.57	0.24
Total Debt/Total Capital (?)	0.47	0.49	0.34	0.58	0.45
Payout Ratio (?)	79.30%	60.28%	0.00%	0.00%	0.00%
Effective Tax Rate (?)	14.33%	17.65%	8.65%	22.52%	13.05%
Total Capital1 (?)	1,144.3	1,105.2	726.4	429.0	277.7
Efficiency
Asset Turnover (?)	0.33	0.24	0.34	0.58	0.41
Inventory Turnover (?)	71.62	-	-	-	-
Days In Inventory (?)	5.10	-	-	-	-
Receivables Turnover (?)	4.71	3.59	5.11	5.77	5.06
Days Receivables Outstanding (?)	77.53	101.74	71.49	63.27	72.12
Revenue/Employee2 (?)	1,719,839	2,224,122	2,793,878	3,605,963	3,303,881
Operating Income/Employee2 (?)	-68,531	-102,779	126,632	282,143	144,339
EBITDA/Employee2 (?)	83,416	45,108	171,876	322,245	168,451
Profitability
Gross Margin (?)	16.26%	24.93%	12.39%	10.79%	8.87%
Operating Margin (?)	-3.98%	-4.62%	4.53%	7.82%	4.37%
EBITDA Margin (?)	4.85%	2.03%	6.15%	8.94%	5.10%
EBIT Margin (?)	-3.98%	-4.62%	4.53%	7.82%	4.37%
Pretax Margin (?)	24.13%	36.06%	51.31%	14.63%	17.15%
Net Profit Margin (?)	20.52%	29.18%	46.87%	11.34%	14.91%
COGS/Revenue (?)	83.74%	75.07%	87.61%	89.21%	91.13%
SG&A Expense/Revenue (?)	0.06%	1.01%	-	-	-
Management Effectiveness
Return on Assets (?)	6.73%	7.24%	15.81%	6.61%	6.13%
Return on Equity (?)	14.33%	13.76%	31.40%	17.23%	14.53%
Valuation
Free Cash Flow/Share2 (?)	-0.03	0.00	0.00	0.01	0.00
Operating Cash Flow/Share 2 (?)	-0.01	0.00	0.00	0.01	0.00
1-ExchangeRate: IDR to USD Period End Date	9010	9395	10900	9392.5	8993.5
2-ExchangeRate: IDR to USD Average for Period	9010	9395	10900	9392.5	8993.5

Current Market Multiples
Market Cap/Earnings (TTM) (?)	26.27
Market Cap/Equity (MRQ) (?)	3.45
Market Cap/Revenue (TTM) (?)	5.16
Market Cap/EBIT (TTM) (?)	-81.28
Market Cap/EBITDA (TTM) (?)	130.19
Enterprise Value/Earnings (TTM) (?)	27.43
Enterprise Value/Equity (MRQ) (?)	3.60
Enterprise Value/Revenue (TTM) (?)	5.39
Enterprise Value/EBIT (TTM) (?)	-84.90
Enterprise Value/EBITDA (TTM) (?)	135.98

Annual Income Statement

Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007	31-Dec-2006
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2010	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007	Updated Normal 31-Dec-2007
Filed Currency	IDR	IDR	IDR	IDR	IDR
Exchange Rate (Period Average)	9083.184426	10377.335616	9655.789617	9141.174863	9166.693989
Auditor	Osman Bing Satrio & Rekan	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP	Deloitte & Touche LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified with Explanation	Unqualified with Explanation
Net Sales	414.6	239.6	239.7	255.7	129.7
Revenue	414.6	239.6	239.7	255.7	129.7
Total Revenue	414.6	239.6	239.7	255.7	129.7
Cost of Revenue	347.1	179.9	210.0	228.1	118.2
Cost of Revenue, Total	347.1	179.9	210.0	228.1	118.2
Gross Profit	67.4	59.7	29.7	27.6	11.5
Selling/General/Administrative Expense	0.3	2.4	-	-	-
Total Selling/General/Administrative Expenses	0.3	2.4	-	-	-
Amortization of Intangibles	5.2	2.3	1.9	1.4	-
Amortization of Acquisition Costs	3.9	1.6	-	-	-
Depreciation/Amortization	9.0	3.9	1.9	1.4	-
Impairment-Assets Held for Use	0.0	23.2	-	-	-
Unusual Expense (Income)	0.0	23.2	-	-	-
Other Operating Expense	74.7	41.3	16.9	6.2	5.8
Other Operating Expenses, Total	74.7	41.3	16.9	6.2	5.8
Total Operating Expense	431.1	250.7	228.8	235.6	124.0
Operating Income	-16.5	-11.1	10.9	20.0	5.7
Interest Expense - Non-Operating	-53.7	-28.7	-23.1	-24.2	-8.3
Interest Expense, Net Non-Operating	-53.7	-28.7	-23.1	-24.2	-8.3
Interest Income - Non-Operating	6.9	8.1	8.3	7.6	2.6
Investment Income - Non-Operating	159.5	118.5	126.6	35.3	25.6
Interest/Investment Income - Non-Operating	166.4	126.6	135.0	42.9	28.2
Interest Income (Expense) - Net Non-Operating Total	112.7	97.9	111.8	18.8	19.9
Gain (Loss) on Sale of Assets	-	-	0.0	0.0	0.0
Unrealized Gains (Losses)	0.4	0.0	-	-	-
Other Non-Operating Income (Expense)	3.5	-0.4	0.2	-1.4	-3.3
Other, Net	3.9	-0.4	0.2	-1.4	-3.3
Income Before Tax	100.0	86.4	123.0	37.4	22.2
Total Income Tax	14.3	15.3	10.6	8.4	2.9
Income After Tax	85.7	71.2	112.3	29.0	19.3
Minority Interest	-0.6	-1.2	0.0	0.0	0.0
Net Income Before Extraord Items	85.1	69.9	112.3	29.0	19.3
Net Income	85.1	69.9	112.3	29.0	19.3
Income Available to Common Excl Extraord Items	85.1	69.9	112.3	29.0	19.3
Income Available to Common Incl Extraord Items	85.1	69.9	112.3	29.0	19.3
Basic/Primary Weighted Average Shares	5,207.1	5,207.1	4,836.1	5,207.1	5,207.1
Basic EPS Excl Extraord Items	0.02	0.01	0.02	0.01	0.00
Basic/Primary EPS Incl Extraord Items	0.02	0.01	0.02	0.01	0.00
Diluted Net Income	85.1	69.9	112.3	29.0	19.3
Diluted Weighted Average Shares	5,234.7	5,207.1	4,844.8	5,207.1	5,207.1
Diluted EPS Excl Extraord Items	0.02	0.01	0.02	0.01	0.00
Diluted EPS Incl Extraord Items	0.02	0.01	0.02	0.01	0.00
Dividends per Share - Common Stock Primary Issue	0.01	0.01	0.00	0.00	0.00
Gross Dividends - Common Stock	67.5	42.1	0.0	0.0	0.0
Interest Expense, Supplemental	54.4	37.2	23.2	24.8	8.4
Depreciation, Supplemental	31.5	13.7	2.0	1.4	0.9
Total Special Items	3.9	24.8	0.0	0.0	0.0
Normalized Income Before Tax	103.9	111.3	122.9	37.4	22.2
Effect of Special Items on Income Taxes	0.0	4.1	0.0	0.0	0.0
Inc Tax Ex Impact of Sp Items	14.3	19.3	10.6	8.4	2.9
Normalized Income After Tax	89.6	91.9	112.3	29.0	19.3
Normalized Inc. Avail to Com.	88.9	90.7	112.3	29.0	19.3
Basic Normalized EPS	0.02	0.02	0.02	0.01	0.00
Diluted Normalized EPS	0.02	0.02	0.02	0.01	0.00
Amort of Acquisition Costs, Supplemental	3.9	1.6	-	-	-
Amort of Intangibles, Supplemental	5.2	2.3	1.9	1.4	-
Rental Expenses	7.0	4.7	4.6	8.2	-
Normalized EBIT	-16.5	12.2	10.9	20.0	5.7
Normalized EBITDA	24.0	29.7	14.7	22.8	6.6
Current Tax - Total	8.8	3.0	10.0	8.2	3.1
Current Tax - Total	8.8	3.0	10.0	8.2	3.1
Deferred Tax - Total	1.0	9.3	0.7	0.2	-0.2
Deferred Tax - Total	1.0	9.3	0.7	0.2	-0.2
Other Tax	4.5	2.9	-	-	-
Income Tax - Total	14.3	15.3	10.6	8.4	2.9

Interim Income Statement

Standardized

Financials in: USD (mil

Except for share items (millions) and per share items (actual units)

	31-Mar-2011	31-Dec-2010	30-Sep-2010	30-Jun-2010	31-Mar-2010
Period Length	3 Months	3 Months	3 Months	3 Months	3 Months
UpdateType/Date	Updated Normal 31-Mar-2011	Updated Normal 31-Dec-2010	Updated Normal 30-Sep-2010	Updated Normal 30-Jun-2010	Updated Normal 31-Mar-2010
Filed Currency	IDR	IDR	IDR	IDR	IDR
Exchange Rate (Period Average)	8904.21978	8964.483871	8999.494624	9111.521505	9259.324176
Net Sales	86.3	102.9	119.6	111.7	80.8
Revenue	86.3	102.9	119.6	111.7	80.8
Total Revenue	86.3	102.9	119.6	111.7	80.8
Cost of Revenue	72.1	97.8	95.9	92.0	62.1
Cost of Revenue, Total	72.1	97.8	95.9	92.0	62.1
Gross Profit	14.3	5.1	23.7	19.8	18.7
Selling/General/Administrative Expense	-	-2.5	2.2	0.6	-
Total Selling/General/Administrative Expenses	-	-2.5	2.2	0.6	-
Amortization of Intangibles	1.3	1.3	1.0	1.7	1.2
Amortization of Acquisition Costs	-	3.9	-	-	-
Depreciation/Amortization	1.3	5.2	1.0	1.7	1.2
Impairment-Assets Held for Use	-	0.0	-	-	-
Unusual Expense (Income)	-	0.0	-	-	-
Other Operating Expense	19.1	15.2	21.4	24.4	13.8
Other Operating Expenses, Total	19.1	15.2	21.4	24.4	13.8
Total Operating Expense	92.5	115.8	120.4	118.6	77.1
Operating Income	-6.2	-12.8	-0.8	-6.9	3.8
Interest Expense - Non-Operating	-13.1	-14.7	-12.8	-13.1	-13.1
Interest Expense, Net Non-Operating	-13.1	-14.7	-12.8	-13.1	-13.1
Interest Income - Non-Operating	1.8	0.8	2.8	1.2	2.1
Investment Income - Non-Operating	51.9	32.9	48.1	36.4	42.0
Interest/Investment Income - Non-Operating	53.7	33.7	50.9	37.6	44.2
Interest Income (Expense) - Net Non-Operating Total	40.6	19.0	38.0	24.5	31.1
Gain (Loss) on Sale of Assets	-	0.0	0.0	-	-
Unrealized Gains (Losses)	-	0.4	-	-	-
Other Non-Operating Income (Expense)	-1.5	-1.4	-0.4	5.7	-0.5
Other, Net	-1.5	-1.0	-0.4	5.7	-0.5
Income Before Tax	32.8	5.1	36.8	23.3	34.4
Total Income Tax	2.9	2.2	5.4	3.9	2.8
Income After Tax	29.9	2.9	31.4	19.5	31.6
Minority Interest	-0.1	-0.4	0.1	-0.2	-0.1
Net Income Before Extraord Items	29.8	2.4	31.5	19.3	31.5
Net Income	29.8	2.4	31.5	19.3	31.5
Income Available to Common Excl Extraord Items	29.8	2.4	31.5	19.3	31.5
Income Available to Common Incl Extraord Items	29.8	2.4	31.5	19.3	31.5
Basic/Primary Weighted Average Shares	5,207.1	5,207.1	5,207.1	5,207.1	5,207.1
Basic EPS Excl Extraord Items	0.01	0.00	0.01	0.00	0.01
Basic/Primary EPS Incl Extraord Items	0.01	0.00	0.01	0.00	0.01
Diluted Net Income	29.8	2.4	31.5	19.3	31.5
Diluted Weighted Average Shares	5,254.8	5,234.7	5,207.1	5,213.3	5,207.1
Diluted EPS Excl Extraord Items	0.01	0.00	0.01	0.00	0.01
Diluted EPS Incl Extraord Items	0.01	0.00	0.01	0.00	0.01
Dividends per Share - Common Stock Primary Issue	0.00	0.01	0.00	0.01	0.00
Gross Dividends - Common Stock	0.0	27.9	0.0	39.8	0.0
Interest Expense, Supplemental	13.1	14.7