PT WAHANA PRONATURAL Tbk TABLE OF CONTENT
Page Director’s Statement Letter Independent Auditor’s Report FINANCIAL STATEMENTS Dated December 31, 2016 and 2015 And For The Years Then Ended Statements of Financial Position 1-2 Statements of Comprehensive Income 3 Statements of Changes in Equity 4 Statements of Cash Flows 5 Note to Consolidated Financial Statements 6-39
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PT WAHANA PRONATURAL Tbk
STATEMENTS OF FINANCIAL POSITION
DECEMBER 31, 2016 AND 2015
ASSETS
CURRENT ASSETS
Cash and cash equivalents
Trade accounts receivable - third parties
Inventories
Prepaid tax
Advance - third parties
Prepaid expenses
Total Current Assets
NON-CURRENT ASSETS
Property, plant and equipment - net of
accumulated depreciation of
Rp 16.198.597.802 at 2016, and
Rp 13.086.001.827 at 2015.
Deferred tax assets
Others assets
Assets of tax amnesty
Total Non-Current Assets
TOTAL ASSETS
23 545.935.914
277.668.724
61.797.828.803 2j;9
which are an integral part of financial statements
25 100.000.000
72.884.735.633
2.876.041.239
2h;8
1.270.329.936
58.685.232.828
See accompanying notes to financial statements
2f;4
2d;2g;5
35.671.500
30.801.536.962
105.894.649.854
-
35.671.500
Rp
1.099.626.982
Rp
34.686.598.982
21.924.550
5.570.890.167
46.796.076.801
295.396.018
2016
59.098.573.053
Notes 2015
11.051.235.330 23
10
7
11.534.000
2i;6 24.822.720.026
10.917.361.498
107.571.334.615
3.249.378.489
1
PT WAHANA PRONATURAL Tbk
STATEMENTS OF FINANCIAL POSITION (continued)
DECEMBER 31, 2016 AND 2015
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Trade accounts payable - third parties
Sales advances
Accrued expenses
Taxes payable
Total Current Liabilities
NON-CURRENT LIABILITY
Employee benefits obligations
Total Non-Current Liability
Total Liabilities
Equity
Capital stock - Rp 100 par value per share
Authorized - 2.000.000.000 shares
Subscribed and paid-up -
520.000.000 shares
Additional paid-in capital
Equity component of convertible debt
Other comprehensive income
- Remeasurement of defined benefit obligations
- Related tax
Defisit
Total Equity
TOTAL LIABILITIES AND EQUITY
2d;13
2p;23
29.718.429.741
15 52.000.000.000
(48.988.691.178)
(57.340.138)
See accompanying notes to financial statements
107.571.334.615
4.544.531
105.894.649.854
(58.958.355.292)
Notes
13.642.086.832
2015
22.606.753.769
2.075.819.806
2d;2l;11
11.662.319.832
Rp
30.829.104.635
12
Rp
609.230.150
46.261.000 225.048.443
13.775.474.659
2016
which are an integral part of financial statements
805.433.977 2q;14
1.110.674.894
(18.178.124)
16
1.110.674.894
21.801.319.792
52.000.000.000 52.000.000.000
12.554.405.615
14.335.034
12.454.405.615
75.065.545.219 84.964.580.844
9.483.508.810
805.433.977
69.512.500.000
18
69.512.500.000 2c;17;27;30
2
PT WAHANA PRONATURAL Tbk
STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEARS ENDED DECEMBER 31, 2016 AND 2015
SALES
COST OF GOODS SOLD
GROSS PROFIT
- Selling expenses
- General and administrative expenses
PROFIT FROM OPERATIONS
- Finance costs-net
- Gain / (loss) on foreign exchange rate
- Others - net
PROFIT BEFORE TAX
TAX EXPENSES
- Current tax
- Deferred tax expense
Total tax expenses
PROFIT (LOSS) FOR THE YEAR
OTHER COMPREHENSIVE INCOME
Items that will not be reclassified subsequently
to profit or loss :
- Remeasurement of defined
benefit obligation
- Income tax benefit (expense) relating to items that will no be
reclassified subsequently to profit or loss
TOTAL PROFIT (LOSS) OTHER COMPREHENSIVE INCOME
FOR THE CURRENT YEAR NET OF TAX
PROFIT (LOSS) EARNINGS PER SHARE
(312.125.377)
(312.125.377)
(9.969.664.115)
(10.783.357.109)
267.453.364
(57.000.000)
476.834.699
(4.180.080.189)
-
45.483.253
1.038.855.244 579.578.741
2o;22
2o;21
(3.399.971)
60.660.761
2o;21
2o;22
(3.874.445.305)
(4.054.709)
-
(115.484.019)
2o;22
2o;20
4.565.029.578 4.713.914.888
2o;19
2016
86.306.680.432
RpRp
Notes 2015
119.680.398.651
2p;23
18
(19,17) 2r;24
23.990.897
0,51
18
285.446.537
(39.162.014)
(81.592.765.544) (115.115.369.073)
575.100.254
9.790.503
(9.999.035.626)
(5.997.724)
(225.162.250)
467.809.699
which are an integral part of financial statements
See accompanying notes to financial statements
(11.008.519.359)
3
PT WAHANA PRONATURAL Tbk
STATEMENTS OF CHANGES IN EQUITY
FOR THE YEARS THEN ENDED 31 DESEMBER 2016 AND 2015
Balance as of January 1, 2015 / December 31, 2014
Correction deferred tax pertaining employee benefit
obligation using balance sheet appoach
- Equity component
Convertible debt
Profit for the year
Adjustment of implementation PSAK 24
(Revised 2013)
Balance as of December 31, 2015
Adjusment of implementation PSAK 24
(Revised 2013)
Difference amount of tax amnesty
- Equity component
Convertible debt
Loss for the year
Balance as of December 31, 2016
- - - - - - -
69.512.500.000
69.512.500.000
-
-
23.990.897
-
-
- 69.512.500.000
Equity Component
of Convertible Debt
-
-
-
-
Rp
See accompanying notes to financial statements
which are an integral part of financial statements
52.000.000.000 12.454.405.615
-
Additional
Rp
Other Comprehensive Income
Rp
Paid in Capital Paid in Capital
(49.256.144.541) 15.166.634.308 10.542.255
Remeasurement
Rp
52.000.000.000 12.554.405.615 (58.958.355.292) 75.065.545.219 14.335.034 (57.340.138)
52.000.000.000 12.454.405.615 (48.988.691.177) 84.964.580.844 69.512.500.000
TotalRelated Tax
Employee
Benefit Obligation
Rp
Profit/
RpRp
(defisit)
267.453.364
- - - -
(9.969.664.115)
- - - 17.993.173
-
-
267.453.364
-
- -
-
100.000.000
- (29.371.511)
- -
(39.162.014) 9.790.503
(9.969.664.115) - -
-
-
- - 100.000.000
-
4.544.531 (18.178.124)
(42.169.021)
(5.997.724)
4
PT WAHANA PRONATURAL Tbk
STATEMENTS OF CASH FLOWSFOR THE YEARS ENDED DECEMBER 31, 2016 AND 2015
CASH FLOWS FROM OPERATING ACTIVITIES
- Cash receipts from customers
- Cash paid to suppliers
- Payment expenses
- income tax paid
- Interest and financial received
- Others received
Net Cash Provided by Operating Activity
CASH FLOW FROM INVESTING ACTIVITY
- Acquisition other assets
Net Cash Used in Investing Activity
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF YEAR
CASH AND CASH EQUIVALENTS AT THE END OF YEAR
Information of non-cash transaction is presented in note 25.
520.959.120
578.667.862
(408.701.970)
94.486.946.639
(785.623.201)
1.099.626.982 1.270.329.936
-
(203.767.170)
See accompanying notes to financial statements
which are an integral part of financial statements
2015
1.099.626.982
2016
118.171.052.666
RpRp
(92.340.261.786)
-
170.702.955
170.702.955
(1.516.818.607)
102.744.044
(7.884.000)
(116.802.220.161)
(4.054.709)
250.331
-
528.843.120
(7.884.000)
5
PT WAHANA PRONATURAL Tbk
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015
AND FOR THE YEARS THEN ENDED
1. GENERAL
a. The Company Establishment
b. Commissioner, Director and Employee
President Commissioner :
Independent Commissioner :
President Director :
Director :
Director (Independent) :
Samin
Indra Widyadharma
Hugeng Parhito
PT Wahana Pronatural Tbk (d.h. PT Wahana Phonix Mandiri - the Company) established in Indonesia, initially under the
name of PT Golden Phoenix based on notarial deed from notary Wahyudi Suyanto, S.H., No. 96 dated August 7, 1993 and
then rename to PT Wahana Yuda Mandiri based on notarial deed from the same notary No. 451 dated May 30, 1996. The
changes of the deed of establishment was approved by the Minister of Justice of the Republic of Indonesia in his Decision
Letter No. C2-8528.HT.01.01.Th.97 dated August 27, 1997 and was published in State Gazette No. 37 Supplement No.
2912 dated May 8, 2000. The Company name then changed to PT Wahana Phonix Mandiri based on notarial deed from
notary Yonsah Minanda, S.H., No 44 dated January 31, 2000 and was approved by the Minister of Justice of the Republic
of Indonesia in his Decision Letter No. C-22109.HT.01.04.Th.2000 dated October 9, 2000 and was published in State
Gazette No. 28 Supplement No. 2187 dated April 6, 2001. The Company name re-change to PT Wahana Pronatural Tbk
based on notarial deed about the statement of extraordinary shareholder meeting No. 2 dated June 2, 2012 by Wachid
Hasyim, Notary in Surabaya. The changes of articles of association was approved by Minister of Law and Human Rights of
the Republic of Indonesia No. AHU.41594.AH.01.02.Year 2012 dated August 1, 2012.
Lia Tirtasaputra
Gunawan Ruslim
The Company commenced commercial activities at August 7, 1993.
The Company's Commissioner and Director at December 31, 2016 and 2015, are as follows:
In accordance with Article 3 of the Company's Article of Association, the scope of its activities is mainly to engaged in
trading, construction, industrial, agricultural, transportation and services. The Company mainly activities since commercial
activities are trading of agricultural and marine products. The Company is domiciled in Surabaya, head office is located in
Gedung Bumi Mandiri Tw. II Lt. 4 R. 406-407, Panglima Sudirman Street No. 66 - 68 Surabaya.
6
PT WAHANA PRONATURAL Tbk
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015
AND FOR THE YEARS THEN ENDED
1. GENERAL (continued)
b. Commissioner, Director and Employee (continued)
Chairman : Gunawan Ruslim Gunawan Ruslim
Members : Anita Rosalia Gunawan Anita Rosalia Gunawan
Members : Nana Nuryana Nana Nuryana
c. Public Offering of Shares and Bonds
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
a. Statement of Compliance
Statement of financial position of PT Wahana Pronatural, Tbk was autorized by Director at June 05, 2017.
At June 22, 2001, the Company conducted its initial public offering through PT. Bursa Efek Indonesia (Persero) (before PT.
Bursa Efek Jakarta) amounting to 200.000.000 shares with nominal value Rp 100 with is offering price Rp 175. The public
offering accompanied by issued Warrant Series I amounting to 50.000.000 shares. This Warrant has a term of
implementation for 3 years and can implemented since Desember 21, 2001 until June 21, 2004. Until due of
implementation date June 21, 2004, there is no warrant converted to shares (Notes 16).
At December 31, 2016 and 2015, the Company has total number of employees of 9 in 2016 and 2015, respectively.
Total salary and other compensation for the Company's Commissioner and Director in 2016 and 2015 amounting to Rp
1.039.000.000 and Rp 905.500.000, respectively.
The financial statement prepared and presented in accordance with Financial Accounting Standars in Indonesia was
issued by Dewan Standar Akuntansi Keuangan Ikatan Akuntan Indonesia (DSAK - IAI) and rule of the Capital Market and
Financial Institution Supervisory Agency (Bapepam-LK) No. VIII.G.7 about “Presentation and Disclosure Financial
Statement for Public Company” stated in attachment of Decision Chairmant Bapepam-LK No. KEP 347/BL/2012 dated
June, 25, 2012.
Audit Committee as of December 31, 2016 and 2015 are as follows :
7
PT WAHANA PRONATURAL Tbk
NOTES TO FINANCIAL STATEMENTS (continued)
DECEMBER 31, 2016 AND 2015
AND FOR THE YEARS THEN ENDED
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
b. Basis of Preparation Statement of Financial Statement
• PSAK 4 (revised 2015) "Separate Financial Statements"
• PSAK 5 (revised 2015) "Operating Segments"
• PSAK 7 (revised 2015) "Related Party Diclosure"
• PSAK 16 (revised 2015) "Property, Plant and Equipment"
• PSAK 24 (revised 2015) "Employee Benefits"
• PSAK 25 (revised 2015) "Accounting Policies, Changes in Accounting Estimates and Errors"
• PSAK 53 (revised 2015) "Share Based Payment"
• PSAK 68 (revised 2015) "Fair Value Measurement"
• PSAK 30 "Levies"
• PSAK 1 (revised 2015) "Presentation of Financial Statements"
• ISAK 31 "Scope Interpretation"
New accounting standard relevant to the presentation of the Company financial statements as folow:
PSAK No. 70, “Accounting for Tax Amnesty Asset and Liability”
Changes of Statement of Financial Accounting Standards ("PSAK") and Interpretation of Statement of Financial
Accounting Standards ("ISAK")
The statement of cash flows are prepared using direct method and presenting sources and usage cash and cash
equivalents with classification of cash flows into operating, investing and financing activities. Cash and cash equivalents
consist of cash, bank, and time deposit due date not more than 3 (three) month.
Financial statement, except the statement of cash flows prepared based on accrual basis used at cost and accrual basis.
The figure in these financial statements are presented in fuel amount in Rupiah, unless otherwise stated.
On the date the ratification of the financial statements, the Company is considering the implications of applying these
standards to the Company's financial statements.
New standards, revised and interpretation already issued and relevant for the Company, but not yet effective for the year
or started after January 1, 2017 are as follows:
Transactions included in financial statements of the Company remeasured using functional currency where is the entity
operation ("functional currency"). The financial statement presented in Rupiah, which is the functional currency and the
presentation of the Company.
Implementation and changes of interpretation accounting standards are as follows efective since Januari 1, 2016 and
relevant for the Company, but not significant changes for the Company accounting's policy and do not have material impact
in the financial statement current period:
8
PT WAHANA PRONATURAL Tbk
NOTES TO FINANCIAL STATEMENTS (continued)
DECEMBER 31, 2016 AND 2015
AND FOR THE YEARS THEN ENDED
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
c. Transactions with Related Parties
A related party is a person or entity that is related to the Company (the reporting entity):
a. A person or a close member of that person's family is related to the reporting entity if that person:
i. has control or joint control over the reporting entity;
ii. has significant influence over the reporting entity; or
iii. is a member of the key management personnel of the reporting entity or of a parent of the reporting entity.
b. An entity is related to the reporting entity if any of the following conditions applies:
i.
ii.
iii. Both entities are joint ventures of the same third party.
iv.
v.
vi.
vii.
d. Financial Instruments
(a) Financial Assets
One entity is a joint venture of a third entity and the other entity is an associate of the third entity.
The entity is a post-employment benefit plan for the benefit of employees of either the reporting entity, or an entity
related to the reporting entity. If the reporting entity is itself such a plan, the sponsoring employers are also related to
the reporting entity.
The entity is controlled or jointly controlled by a person identified in (a).
A person identified in (a) (i) has significant influence over the entity or is a member of the key management personnel
of the entity ( or a parent of the entity).
The entity, and the reporting entity are members of the same group (which means that each parent, subsidiary and
fellow subsidiary is related to the others).
One entity is an associate or joint venture of the other entity (or an associate or joint venture of a member of a group
of which the other entity is a member).
Loans and receivables is non-derivatif financial assets that have fixed payment or determinable payments and that are
not quoted in an active market. Loans and receivables dimasukkan as curent assets; except if due date more than 12
monts after the end of reporting period, loans and receivables classified as non-current assets. The Company loans
and receivables consist of cash in bank and time deposit, trade account receivable, others account receivable in
statements of financial position.
As of December 31, 2016 and 2015, the Company only have financial assets loans and receivables.
Financial instruments is a contract whose term require delivery of the financial assets from entity and the financial liability
or equity instrument of others entity.
Significant transactions with related parties, whether or not made at similar terms and conditions as those done with third
parties, are disclosed in the financial statement.
The Company financial assets are classified into categories as follows: financial assets remeasurement at fair value
through profit or loss, loans and receivable, held to maturity and available for sale.
9
PT WAHANA PRONATURAL Tbk
NOTES TO FINANCIAL STATEMENTS (continued)
DECEMBER 31, 2016 AND 2015
AND FOR THE YEARS THEN ENDED
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
d. Financial Instruments (continued)
(a) Financial Assets (continued)
(b) Financial Liabilities
(c) Equity Instrument
An instrumen is an equity instruments if, and only if, the following two (a) and (b) conditions are met :
The instrument has no contractual obligation :
to deliver cash or another financial asset to another entity; or
e. Impairment of financial assets
f. Cash and Cash Equivalents
g. Trade Account Receivable
to exchange financial assets or financial liabilities with another entity with potentially unfavorable conditions of the
issuer.
(i)
(ii
)2.
Interest received at financial assets classifieds as loans and receivables recorded as financial income in profit or loss. If
impairment, value of loss impair will be deducted from carrying amount financial assets classified as loans and
receivables and recognized in statement of profit or loss.
Trade account receivable initially measured at fair value and then measured at amortized cost using interest effective rate
method, deducted allowance of doubtfull acount.
At each reporting date, the Company assessed for indicator of impairment of financial assets or group financial assets.
Financial assets or group financial assets impaired when there is objective evidence that, as a result of one or more events
that occurred after the initial recognition of the financial assets, the estimated future cash flows of the investment have
been affected.
Loans and receivables initially measured at fair value plus transaction cost and then are measured at amortized cost
using the effective interest rate method. Financial assets derecognition when the rights for received cash flows from
this assets due date or have been transferred and the Company have been transfer substantial all risk and benefit of
this assets.
Cash and cash equivalents consist of cash, time deposit and all investments with maturities of three months or less.
1.
Restricted time deposit presentation as restricted cash.
At December 31, 2016 and 2015, the Company only have financial liabilities at amortized cost consist of trade account
payable, others payable and accrued. Initially measured at fair value plus of transaction cost, the Company recorded
financial liabilities at amortized cost using effective interest rate method. Financial liabilites derecognizes when paid.
The Company classified financial liabilities into two categories (i) fair value through proft or loss and (ii) at amortized
cost.
If the instrument will or may be settled in equity instruments of the entity, issue of the instrument is derivative and
nonderivatif.
10
PT WAHANA PRONATURAL Tbk
NOTES TO FINANCIAL STATEMENTS (continued)
DECEMBER 31, 2016 AND 2015
AND FOR THE YEARS THEN ENDED
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
g. Trade Account Receivable (continued)
h. Prepaid Expense
i. Inventories
j. Property, Plant and Equipment - Direct Acquisition
Building
Machine and equipment
Vehicle
Office equipment
Land is stated at cost and is not depreciated.
25% & 20%
5 & 10
5%
5
4 & 5
20%
Carrying amount deducted through the use of an allowance account, and impairment loss recognized in statement of
profit or loss and other comprehensive income. When a receivable is considered uncollectible, it is written off against the
allowance account. Subsequent recoveries of amounts previously written off are credited to statement of profit or loss and
other comprehensive income.
20
After initial acquisition expense are recognized as part of carrying amount or assets it is likely that the Company will gain
future economic benefit with respect to the asset and the cost of the asset can be measured reliably. Total recorded
replaced parts are no longer recognized. The cost of maintenance and repairs is charged to operations as incurred.
Prepaid expense amortized using straight line method during benefit of expense.
Allowance of doubtfull account are establised when there is objective evidence that the entity will not be able to collect all
receivables in accordance with the initial terms of receivables. Significant financial difficulties on the borrower, the
probability that the debtor will be declared bankrupt or a financial reorganization and wanprestasi or arrears in the payment
is considered an indicator that ther is impairment. Net of carrying amount and estimated cash flows in the future is
allowance, discounted at the original effective interest rate.
Years
20% & 10%
Depreciation is recognized using straight-line method based on useful lives ot the assets as follows:
Prosentation
Property, plant and equipment are stated at cost, less accumulated depreciation and any accumulated impairment losses,
except for land is not depreciated.
Inventories are stated at cost or net realizable value (the lower of cost or net realizable value ). Cost is determined using
the weighted average method. Net realized value represents the estimated selling price for inventories less all estimated
costs of completion and costs necessary to make the sale.
11
PT WAHANA PRONATURAL Tbk
NOTES TO FINANCIAL STATEMENTS (continued)
DECEMBER 31, 2016 AND 2015
AND FOR THE YEARS THEN ENDED
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
j. Property, plant and equipment - Direct Acquisition (continued)
k. Impairment of non financial assets
l. Trade Accounts Payable
m. Provisions
n. Loan
Loans is classified as long term liabilities, except loans that will be due in 12 month after reporting period.
Residual value and useful lives are reviewed, and will be adjusted if needed, every reporting date.
Initially, loans recognized at fair value, less transactions cost incurred. And then, loans measured at amortized cost using
effective interest rate method.
Borrowing cost for construction of qualifying assets, capitalized during period to completed assets construction and
prepared until ready for their intended use or sale. Others borrowing costs are recognized in profit or loss in the period in
which they are incurred.
Initially trade accounts payable recognized at fair value and then at amortized cost using effective interest rate method,
except discount effect is not significant.
Provisions are recognized when the Company has a present obligation (legal or constructive) as a result of a past event, it
is probable that the Company will be required to settle the obligation, and a reliable estimate made of the amount of the
obligation.
If property, plant and equipment not used or sold, carrying amount and accumulated depreciation are removed from
financial statement. Any resulting gain or loss is reflected in statement of profit or loss and other comprehensive income.
Construction in progress is stated at historical cost and reclassified to property, plant and equipment when ready to used.
Property, plant and equipment and others assets, include intangible assets reviewed to determined whether there is any
indication that those assets have suffered an impairment loss. Losses resulted impairment recognized amounting to
difference between carrying amount with the recoverable amount of this assets. The recoverable amount is the higher of
fair value less cost to sell and value in used.
The amount recognized as a provisions is the best estimate of the consideration required to settle the present obligation at
the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. When a provision
is measured using the estimated cash flows to settle the present obligation, its carrying amount is the present value of
those cash flows.
12
PT WAHANA PRONATURAL Tbk
NOTES TO FINANCIAL STATEMENTS (continued)
DECEMBER 31, 2016 AND 2015
AND FOR THE YEARS THEN ENDED
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
o. Revenue recognition and expense
p. Income Tax
q. Employee benefit obligation
The Company recognized employee benefits obligation based on PSAK No. 24 “Employee Benefits” required under Labor
Law No. 13/2003 dated March 25, 2003 (“UU No. 13/2003”). There is no funding set aside by the Company in respect of
these employee benefits.
Deffered tax assets are recognized to the extent it is probable total taxable income in the future will be available against
which deductible temporary differences and tax losses can be utilized.
Tax expenses consist of current tax and deffered tax. Tax recognized in statement of profit loss, except tax in relation with
transaction or event recognized in others comprehensive income or directly recognized in equity.
Corrections of tax obligation are recognized when tax assessment letter is received or if objected to or appealed, recorded
when the objection or appeal is detemines.
The computed employee benefits is using the Projected Unit Credit method. Accumulated net gain and loss not exceeding
10% of the define benefit is recognized using a straight-line method over the expected average remaining working period
of the employees in the said program. Past service cost is charged directly to the extent that the benefits are already
vested and otherwise will be recognized as an expense on a straight-line method over the average period until the benefits
become vested.
Current tax expense computed using prevailing tax rates at reporting date. Management periodically reviewed positions
are reported in the annual tax return (SPT) with respect to condition in which applicable tax rules require interpretation. If
needed, management determines allowance based on total expected to be paid to the tax authorities.
Revenue from sales of goods is recognized when the significant risk and rewards of ownership of the goods already
transferred to the buyer, in the same time sending and receiving. Expense are recognized when incurred.
Deffered tax is recognized, using balance sheet liability method for all temporary difference between tax based of assets
and liabilities with carrying amount. Deffered tax determined using prevailing tax rate in the reporting period and expected
to be applied when deffered tax assets realized or deffered tax liabilities settlement.
Total recognized as a defined benefit liability in the financial statements represents the present value of defined benefit
obligations adjusted for unrecognized actuarial gains and losses and unrecognized past service costs.
13
PT WAHANA PRONATURAL Tbk
NOTES TO FINANCIAL STATEMENTS (continued)
DECEMBER 31, 2016 AND 2015
AND FOR THE YEARS THEN ENDED
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
r. Earning per share
s. Foreign currency translation
(a) Functional currency and presentation
(b) Transaction and balance
t. Segments Information
Operating segment reported consistent with internal report given to decision maker of main operation. The decision maker
of main operation, have responsibility to allocated resource and assesment of performance, have been identified as
committe strategic decision maker.
The transactions in the currencies other than the entity's functional currency are recognized at the rates of exchange
prevailing at the dates of the transactions. At the end of each reporting period, assets and liabilities monetary items
denominated in foreign currencies are retranslated at the rate prevailing at that date.
Statement of financial position reported in “Rupiah” (Rp) its functional currency of the Company.
Foreign exchange gains and losses arising from settlement of transactions denominated in foreign currencies and from
the translation of foreign currency monetary assets and liabilities using the rates of exchange prevailing at the end of
the period are recognized as income or expenses in the statement of profit or loss, unless recognized in equity as cash
flows hedges and is included in the cost of borrowing directly related to the qualifying asset.
Foreign exchange rate used, based on middle rate Bank Indonesia at December 31, 2016 and 2015 amounting to Rp
13.346 dan Rp 13.795 per 1 U.S. Dollar, respectively.
Basic earning per share is computed by dividing net income current year with the weighted average number of shares
outstanding during the year.
Diluted earning per share is computed by dividing net income with the weighted average number of shares outstanding as
adjusted the effects of all dilutive potential ordinary shares.
The items included in the Company's financial statements are measured using currencies that correspond to the main
economic environment in which the entity operates (“functional currency”).
14
PT WAHANA PRONATURAL Tbk
NOTES TO FINANCIAL STATEMENTS (continued)
DECEMBER 31, 2016 AND 2015
AND FOR THE YEARS THEN ENDED
3. KEY SOURCES OF ESTIMATION UNCERTAINTY AND CONSIDERATION
i. Important Accounting Estimates
Estimated useful lives of property, plant and equipment
Employee benefit obligation
Benefit will be paid and have a time period similar to period of the related liability.
The Company reviews periodically of the usefull lives of the property, plant and equipment based on factors such as
technical conditions (estimated useability, operation, maintenance) and future technology development. Future result of
operatios will be materially affected by changes in these estimates resulting from changes in the factors mentioned above.
The present value of post-employment benefit obligation and the accrued pension cost depend on several factors
determined on an actuaria basis based on several assumptions. The assumptions used to determine the net pension cost
(benefit) include the discount rate. Changes in this assumption will affect the total recorded post-employment benefits and
pension funds.
The key assumptions of post-employment benefits obligations are partly determined based on current market conditions.
Additional information is disclosed on Notes 14.
The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect
the total reported of revenues, expenses, assets dan liabilities, at the end of the reporting period. Uncertainty about
assumptions and estimates may result in material adjustments to the carrying amount of assets and liabilities in the
subsequent reporting period.
The Company determines the appropriate disount rate at the end of the reporting period, interest rate used to determined
the expected future cash outflows to settle the liability. In determining the appropriate interest rate, the Company considers
the average interst rate on government bonds on an active market denominated in the currency.
The principal assumptions of the future and other key sources of estimation of other uncertainties at the reporting date which
have significant risks for material adjustments to the carrying amount of assets and liabilities for subsequent period/years are
disclosed below. The Company based its assumptions and estimates on the parameters available at the time the financial
statements are prepared. Assumptions and conditions in the future may be changed caused by market changes or condition
outside in the Company. This changes reflected in the related assumptions when is incurred.
15
PT WAHANA PRONATURAL Tbk
NOTES TO FINANCIAL STATEMENTS (continued)
DECEMBER 31, 2016 AND 2015
AND FOR THE YEARS THEN ENDED
3. KEY SOURCES OF ESTIMATION UNCERTAINTY AND CONSIDERATION
ii. Significant Judgements in Applying Accounting Policies
Classification financial assets, financial liabilities and equity instrument
The following consideration made by management in context of implementing the Company's accounting policies that have
significant impact to the financial statements.
The Company classified assets, liabilities and spesific instrument as financial assets, financial liabilities and equity
instrument with consideration when definition define by PSAK No. 55 fulfilled. Therefore, financial assets, financial liabilities
and equity instrument recognized as the Company policy stated in Notes 2d.
16
PT WAHANA PRONATURAL Tbk
NOTES TO FINANCIAL STATEMENTS (continued)
DECEMBER 31, 2016 AND 2015
AND FOR THE YEARS THEN ENDED
4. CASH AND CASH EQUIVALENTS
Cash
Bank
Rupiah
- PT Bank Mandiri (Persero), Tbk
- PT Bank OCBC NISP, Tbk
- PT Bank BCA , Tbk
U.S. Dollar
- PT Bank Mandiri (Persero), Tbk
- PT Bank OCBC NISP, Tbk
Total
5. TRADE ACCOUNTS RECEIVABLE TO THIRD PARTIES
Third Parties
In Rupiah
- PT Inasentra Unisatya
- Other under 100 billion
Total
Allowance for impairment losses
Total
Aging of trade accounts receivable are as follows:
Not yet due
Past Due
- 01 - 30 days
- 31 - 60 days
- 61 - 90 days
- 91 -120 days
Total
5.570.890.167
1.058.353
-
10.917.361.498 -
19.071.561
10.917.361.498
2016
1.270.329.936
68.942.105
19.945.915
9.306.935
1.099.626.982
2015
10.917.361.498 5.570.890.167
Rp
2016
-
2015
-
10.788.720.126
RpRp
-
5.570.890.167
Rp
-
-
6.000.000
-
436.559.177
619.854.694
10.917.361.498
-
1.155.430.328
Rp
2015
13.960.261
Rp
2016
5.570.890.167
5.570.890.167
-
There is no allowance for doubtfull debt for the year 2016 and 2015. Management believes that all such receivable are
collectible, meanwhile management not made an allowance for the impairment trade accounts receivable.
128.641.372
-
-
19.827.590
All cash and cash equivalent account in 2016 and 2015 are transaction with third parties and there are no transactions with
related parties.
17
PT WAHANA PRONATURAL Tbk
NOTES TO FINANCIAL STATEMENTS (continued)
DECEMBER 31, 2016 AND 2015
AND FOR THE YEARS THEN ENDED
6. INVENTORIES
Finished goods
- Seaweed
Sub Total
Raw material
- Row material candy
- Packaging material
Sub Total
Goods in process
Finished goods - candy
Indirect material
- Sparepart
Sub Total
Total inventories
Allowance for decline in value of inventories
Total inventories net
7. ADVANCE PAYMENT - THIRD PARTIES
Advance payment
Third Parties
- Local Purchase
- Rahmad H (Kelompok Tani)
- Wempy
Total
8. PREPAID EXPENSE
8.912.685.195
586.782.982
This account representation prepaid expense for office rental at December 31, 2016 and 2015 was Rp 11.534.000 and Rp.
21.924.550, respectively.
624.717.643
-
624.717.643
-
30.801.536.962
2.670.000.000
Rp
17.784.876.436
Rp
2.473.119.763
3.249.378.489
3.113.337.250
136.041.239
2016
2016
-
6.451.060.608
586.782.982
206.041.239
-
3.977.940.845
2015
21.264.134.124
-
30.801.536.962
3.068.988.007
-
5.843.697.188
2.876.041.239
Rp
-
Rp
2015
24.822.720.026
-
24.822.720.026
18
PT WAHANA PRONATURAL Tbk
NOTES TO FINANCIAL STATEMENTS (continued)
DECEMBER 31, 2016 AND 2015
AND FOR THE YEARS THEN ENDED
9. PROPERTY, PLANT AND EQUIPMENT
At cost
Direct acquisition
- Land
- Land right
- Building
- Machine and equipment
- Vehicle
- Office equipment
Total
Accumulated depreciation
Direct acquisition
- Land right
- Building
- Machine and equipment
- Vehicle
- Office equipment
Total
Net carrying value
At cost
Direct acquisition
- Land
- Land right
- Building
- Machine and equipment
- Vehicle
- Office equipment
Total
Accumulated depreciation
Direct acquisition
- Land right
- Building
- Machine and equipment
- Vehicle
- Office equipment
Total
Net carrying value
702.652.867
74.883.830.630
64.910.424.778
178.054.000
-
3.112.595.975
-
5.506.994.261
-
-
1.158.539.669
1.771.778.305
1.771.778.305 -
33.026.115.063 -
Additions Deductions
-
Rp
- -
61.797.828.803
702.652.867
-
-
2015
13.086.001.827 3.112.595.975
4.810.878.393 1.158.539.669
7.278.772.566
4.224.001 288.448.001
January 1
Rp RpRp
-
- -
17.939.700.630
890.310.000
-
5.250.000
524.598.867
5.250.000
3.652.338.724
9.973.405.852
22.721.334.937
-
301.120.000 -
890.310.000
-
-
- 5.250.000
Movement
-
4.224.001
-
-
-
- -
178.054.000
-
-
890.310.000
74.883.830.630 - -
5.250.000
2015
5.250.000
74.883.830.630
33.026.115.063
4.810.878.393
16.198.597.802
22.721.334.937
- 301.120.000
- 33.026.115.063
-
22.721.334.937 -
33.026.115.063
17.939.700.630
- -
-
Rp Rp
-
Rp
Deductions2016 Additions
DecemberJanuary 1, Movement
-
5
5.250.000
890.310.000
9.050.550.871
301.120.000
17.939.700.630
17.939.700.630
Rp
-
301.120.000
-
880.706.867
288.448.001
5.250.000
7.278.772.566
5.969.418.062
22.721.334.937
284.224.000
5.250.000
13.086.001.827
74.883.830.630
292.672.002
December 31
-
58.685.232.828
2016
61.797.828.803
19
PT WAHANA PRONATURAL Tbk
NOTES TO FINANCIAL STATEMENTS (continued)
DECEMBER 31, 2016 AND 2015
AND FOR THE YEARS THEN ENDED
9. PROPERTY, PLANT AND EQUIPMENT (continued)
Cost of goods sold
Operating expense
Total
Addition and deduction of property, plant and equipment are as follows :
At cost
Addition
- Land
- Land right
- Building
- Machine and equipment
- Vehicle
- Office equipment
Total
Deduction
- Land
- Land right
- Building
- Machine and equipment
- Vehicle
- Office equipment
Total
Net
Rp
1.771.778.305
-
2016
-
-
-
-
Rp
-
-
-
-
-
2016
-
-
-
-
-
-
Rp
-
-
1.771.778.305
1.340.817.669
2016
Rp
2015
Rp
3.112.595.975
Depreciation expense at December 31, 2016 and 2015 allocated are as follows:
-
-
-
-
3.112.595.975
1.340.817.669
2015
2015
-
-
-
-
-
-
-
-
Rp
20
PT WAHANA PRONATURAL Tbk
NOTES TO FINANCIAL STATEMENTS (continued)
DECEMBER 31, 2016 AND 2015
AND FOR THE YEARS THEN ENDED
9. PROPERTY, PLANT AND EQUIPMENT (continued)
Depreciation expenses
Additions
- Land right
- Building
- Machine and equipment
- Vehicle
- Office equipment
Total
Deductions
- Building
- Machine and equipment
- Vehicle
- Office equipment
- Rental vehicle
Total
Total
10. OTHERS ASSETS
11. TRADE ACCOUNT PAYABLE - THIRD PARTIES
Third Parties
In Rupiah
- PT Supernova
- Permata Dunia Sukses U.
- Kelompok Tani
Sub Total (moved)
724.775.523
At December 31, 2016 and 2015, all property, plan and equipment except land, was not insured.
Other assets representation guarantee of rental office at December 31, 2016 and 2015 amounting to Rp 35.671.500 and
Rp 35.671.500, respectively.
2015
1.689.042.850
Rp
- -
Rp
-
178.054.000
-
- -
2015
1.771.778.305
-
-
1.462.794.850
Rp
Based on evaluation value of property, plant and equipment at December 31, 2016 and 2015, management believe there is
no changes that indication impairment of property, plant and equipment.
2016
-
2.187.570.373 2.772.790.350
-
4.224.001 4.224.001
-
-
Rp
-
2016
-
1.158.539.669
3.112.595.975 3.112.595.975
1.158.539.669
3.112.595.975
-
1.771.778.305
178.054.000
-
-
1.083.747.500
3.112.595.975
-
21
PT WAHANA PRONATURAL Tbk
NOTES TO FINANCIAL STATEMENTS (continued)
DECEMBER 31, 2016 AND 2015
AND FOR THE YEARS THEN ENDED
11. TRADE ACCOUNTS PAYABLE - THIRD PARTIES (continued)
SubTotal (move)
- PT Multi Aksara Sejati
- Rapigra
- PT Putra Cahaya Abadi
- Dharmapala Usaha Sukses
- DPO Indonesia
- PT Iluva Gravure Industry
- Golden Flexible Packaging
- PT Budi Starch & S Tbk
- PT Tomypack Makmur
- PT Karya Indah Bersama
- Sispack Anugerah
- PT Kalbe Farma
- Sugar Labinta
- Jecco Utama
- Kabulinco
- PT Muliaprima Packindo
- PT Multi Kemasindo Gunatama
- Indesso
- Sentra Usahatama Jaya
- Others under 500 million
Total
Aging of trade accounts payable are as follows:
Not yet due
Past due
- 01 - 30 days
- 31 - 60 days
- 61 - 90 days
- 91 -120 days
Total
511.182.375
2.648.779.696
98.345.500
579.469.307
13.775.474.659
-
Rp
354.335.000
-
-
782.100.000
508.090.000
209.830.500
2.772.790.350
2015
107.146.215
2016
-
2.187.570.373
465.653.733
Rp
1.873.877.500
114.294.565
165.084.810
-
1.300.271.500
-
2.269.889.257
762.817.000
605.621.500
324.812.400
236.636.400
281.413.000
343.706.000
227.523.560
253.797.500
Rp
344.970.340
151.800.000
3.110.201.582
9.483.508.810
1.674.790.425
6.243.997.808
221.781.669
2.018.747.569
214.500.000
161.501.600
118.574.472
-
709.942.294
145.425.280
13.775.474.659
2.992.068.581
9.483.508.810
1.911.853.350
Rp
20152016
1.207.425.019
1.976.589.800
1.608.228.209
339.471.000
515.460.000
865.599.899
22
PT WAHANA PRONATURAL Tbk
NOTES TO FINANCIAL STATEMENTS (continued)
DECEMBER 31, 2016 AND 2015
AND FOR THE YEARS THEN ENDED
12. SALES ADVANCES
PT Asia Mineral Samudera
PT Asia Sejahtera Mina
Total
13. ACCRUED EXPENSES
Consultant
Others
Total
14. EMPLOYEE BENEFITS OBLIGATION
Total employee
Mortalita rate
Normal retirement rate
Disablity rate
Wages or salary increment rate
Discount rate
Resignation rate 4% for x=20
55 years
225.048.443
9
9,00%
At December 31, 2016 and 2015, the Company recorded estimated employee benefit obligation used "Projected Credit Unit".
Based on actuary report number : 36/LAP/LD/II/2017, dated February 14, 2017, asumptions used are as follows:
2016
Rp
4% for x=20
7,00%
0% for x=540% for x=54
The Company camputed and recorded employee benefit obligation based on the Labor Law of Republik Indonesia Nomor 13
year 2003 dated March 25, 2003. Based on this law the Company is obliged to pay severance, gratituty and compensation
specified by the Labor Law. There is no funding set aside by the Company in respect of the estimated liability. Total employee
at December 31, 2016 and 2015 are amounting to 9 employee.
55 years
9,00%
361.000
59.000.000
2015
166.048.443
Rp
7,00%
Rp
9.029.850.232
45.900.000
2015
11.662.319.832
2016
2016
5,00%
46.261.000
5,00%
2015
2.632.469.600
9
Table Mortalita Indonesia 2011 (TMI'II)
2.313.451.560
Rp
13.642.086.832
11.328.635.272
23
PT WAHANA PRONATURAL Tbk
NOTES TO FINANCIAL STATEMENTS (continued)
DECEMBER 31, 2016 AND 2015
AND FOR THE YEARS THEN ENDED
14. EMPLOYEE BENEFITS OBLIGATION (continued)
Amount recognized in statement of profit and loss and other comprehensive income are as follows:
Current service cost
Interest expense
Past service cost
Total expenses
Movement in the present value of the defined benefit obligation recognized in the statements of financial position are as follows:
Present value of the defined benefit obligation
Employee benefits expense
Benefit payment
Withdrawal of program assets
Expense/(income) other comprehensive
Paid dues
Ending balance
Expense/(income) other comprehensive recognized in statement of profit or loss and other comprehensive income are as follows:
Impact of changes in financial assumption
Impact of changes in experience adjustment
Total expense/(income)
Movement expense/(income) other comprehensive recognized in statements of financial position are as follows:
Expense/(Income) other comprehensive at beginning year
Expense of current period
Ending balance
(21.188.927)
39.162.014
2016
266.078.903
- -
-
-
805.433.977
1.110.674.894
266.078.903 224.226.723
-
2016
72.489.058
2015
169.758.889
(23.990.897)
Rp
605.198.152
193.589.845
Rp
54.467.834
-
Rp
39.162.014
224.226.723
2016
Rp
2015
60.350.941
-
-
2015
(23.990.897)
(23.990.897)
18.178.124 42.169.021
39.162.014
2015
Rp Rp
57.340.138
Rp
(23.990.897)
805.433.977
-
2016
Rp
18.178.124
24
PT WAHANA PRONATURAL Tbk
NOTES TO FINANCIAL STATEMENTS (continued)
DECEMBER 31, 2016 AND 2015
AND FOR THE YEARS THEN ENDED
14. EMPLOYEE BENEFIT OBLIGATION (continued)
At December 31, 2016 sensitivity analyzed 1% are as follows:
Changes one point prosentation of asumption discount rate will be effect are as follows:
The overall effect of service costs
Prosentation
Changes employee benefit obigation
Changes one point prosentation of asumption salary rate will be effect are as follows:
The overall effect of service costs
Prosentation
Changes employee benefit obigation
Present value of the defined benefit obligation
Adjustment present value of the define benefit obligation
Adjustment prosentation
-7,28%
1.857.451.818 1.980.755.905
20152016
(23.990.897)
1.110.674.894
39.162.014
870.081.011
1.858.977.400
Historical information about the present value of the defined benefit obligation, the deficit in the program and the
adjustments arising on the program liabilities are as follows:
805.433.977
-2,98%
Rp
3,53%
1.980.127.896
Rp
869.453.002
Decrease
Rp
748.302.506
7,95%
Increase
Rp
8,03%
746.776.924
Increase
-7,09%
Decrease
Rp
Rp
25
PT WAHANA PRONATURAL Tbk
NOTES TO FINANCIAL STATEMENTS (continued)
DECEMBER 31, 2016 AND 2015
AND FOR THE YEARS THEN ENDED
15. CAPITAL STOCK
List of stockholders at December 31, 2016 and 2015 are as follows :
PT Hijau Sari
PT Surya Pelangi Mandiri
PT Pesona Bangun Mandiri
PT Mitra Niaga Sakti
Public each below 5%
Total
16. ADDITIONAL PAID IN CAPITAL
Additional paid in capital - Initial offering
Issued warrant
Cost of equity securities issuance
Difference tax amnesty
Total
(2.545.594.385)
Rp
55.000.000
12.554.405.615
4.379.310.345
The Company already recorded 200.000.000 shares in the Indonesia Stock Exchange d/h Jakarta Stock Exchange in 2001,
accompanied with issuance of 50.000.000 shares warrant Series I, which is separate warant, giving to the shareholder the
right to buy 1 new share with a nominal value Rp 100 per share with excercise price Rp 175 per share. The Warant have a
term of implementation for 3 year and implemented since December 21, 2001 until Juni 21, 2004. At June 22, 2001, the
Company's shares and warrant began to be traded. As of the date of implementation of June 21, 2004, there is no warrant
have been converted into shares.
100.000.000
2016
12.454.405.615
Rp
Based on notarial deed no. 100 dated April 8, 2011, from H. Feby Rubein Hidayat, SH, notary in Jakarta, already done sales
and purchase shares own by PT Lombok Mandiri Investama amounting to 55.000.000 (fifty five million) shares with value
amounting to Rp 37,5 (thirty seven point five rupiah) to PT Pesona Bangun Mandiri.
2015
Based on notarial deed no. 3 dated April 8, 2011, from Afriwandi, SH, Mkn, notary in Tangerang, already done sales and
purchase share own by PT Lombok Mandiri Investama amounting to 108.800.000 (one hundred and eight million eight
hundred thousand) shares with value amouting to Rp 37,5 (thirty seven point five rupiah) to PT Surya Pelangi Mandiri.
520.000.000 100,00%
19,23%
Based on notarial deed no. 4 dated April 6, 2011, from Afriwandi, SH, Mkn, notary in Tangerang, already done sales and
purchase share own by PT Lombok Mandiri Investama amounted to 100.000.000 (one hundred million) shares with value Rp
37,5 (thirty seven point five rupiah) to PT Hijau Sari.
10.620.689.655
5.500.000.000
21.000.000.000
52.000.000.000
Based on notarial deed no. 101 dated April 8, 2011, from H. Feby Rubein Hidayat, SH, notary in Jakarta, already done sales
and purchase share own by PT Lombok Mandiri Investama amounting to 55.000.000 (fifty five million) shares with value
amounting to Rp 37,5 (thirty seven point five rupiah) to PT Mitra Niaga Sakti.
4.379.310.345
(2.545.594.385)
210.000.000
10.000.000.000
40,38%
%
10,58%
Total
Share
100.000.000 10.000.000.000
10,58%
55.000.000
Total
Lembar
100.000.000
5.500.000.000
10.620.689.655
Rp
Prosentation
Owner
19,23%
-
26
PT WAHANA PRONATURAL Tbk
NOTES TO FINANCIAL STATEMENTS (continued)
DECEMBER 31, 2016 AND 2015
AND FOR THE YEARS THEN ENDED
17. EQUITY COMPONENT OF CONVERTIBLE DEBT
PT Hijau Sari
PT Mitra Niaga Sakti
Total
18. OTHER COMPREHENSIVE INCOME
In Rupiah
Beginning balance
Adjustment of implementation
- PSAK No. 24
- Related tax
Ending balance
19. SALES
Seaweed
Candy and dreamy
Total sales
Based on mutual agreement between the Company, PT Hijau Sari and PT Mitra Niaga Sakti, the Company will completed the
stock convertion each amounting to Rp. 34.756.250.000 in 1 (one) year since December 9, 2016 and December 21, 2016
until December 9, 2017 and December 21, 2017. The relevant parties have agreed to make an addendum to the same term
and condition as the initial agreement, unless specified in the addendum.
Based on deed storage (Depot) No.11 dated August 9, 2016, the Company enter into agreement with PT Hijau Sari, the scope
of the agreement is the loan application can be convert to stock when due date amounting to Rp. 34.756.250.000 this loan is
intended for purchase land, building, machines and vehicle from PT. Inasetra Unisatya with term of agreement is 5 (five)
years commencing at December 21, 2011 until Desember 2016. This loan not charge of interest because it can be convert to
stock.
34.756.250.000
2016
34.756.250.000
2016
Rp
53.837.540.072
Rp
119.680.398.651
2015
23.868.153.093
2016
65.842.858.579
69.512.500.000
Based on deed storage (Depot) No.24 dated August 24, 2016, the Company enter into agreement with PT Mitra Niaga Sakti
the scope of the agreement is the loan application can be convert to stock when due date amounting to Rp. 34.756.250.000
this loan is intended for purchase land, building, machines and vehicle from PT. Inasetra Unisatya. Term of this agreement is
5 (five) years commencing December 9, 2011 until December 9, 2016. This loan not charged interest because it can be
convert to stock.
Rp
9.790.503
69.512.500.000
34.756.250.000
2015
Rp
2015
Rp
Rp
86.306.680.432
34.756.250.000
(5.997.724)
23.990.897
(13.633.593)
(39.162.014)
62.438.527.339
(31.626.766)
(43.005.104) (13.633.593)
27
PT WAHANA PRONATURAL Tbk
NOTES TO FINANCIAL STATEMENTS (continued)
DECEMBER 31, 2016 AND 2015
AND FOR THE YEARS THEN ENDED
19. SALES (continued)
Sales to third parties more than 10% of total sales are as follows :
PT Inasentra Unisatya
PT Asia Sejahtera Mina
Rahmat
PT Santos Jaya Abadi
Total
20. COST OF GOODS SOLD
Raw material used
Labor expenses
Manufacturing overhead
- Depreciation
- Others overhead
Total production expense
Beginning balance good in process
Ending balance good in process
Beginning balance finished goods
Purchase
Ending balance finished goods
Total cost of goods sold
21. OPERATING EXPENSES
Selling expenses
- Other expenses
- Loading hauling and warehouse expenses
Total selling expenses
2015
1.771.778.305
Rp
115.115.369.073
Rp
1.771.778.305
81.592.765.544
-
2015
6.563.466.317
54.592.310.391
2016
Kg
-
65.842.858.579
53.837.540.072
- -
7.115.657
-
- - -
-
62.438.527.339
-
RpRp
31.409.754.323
23.553.532.754
57.000.000
119.680.398.651
3.610.134
23.868.153.093
-
57.000.000
(21.264.134.124)
Kg
52.140.285.906
47.716.959.046
5.006.314.963
-
113.706.361
3.610.134
17.784.876.436
2.651.548.555
-
2016
1.078.128.301
1.777.658 -
66.454.340.855
6.812.110.949
-
Rp
115.484.019
86.306.680.432
(17.784.876.436)
2015
Rp
7.115.657
2016
28
PT WAHANA PRONATURAL Tbk
NOTES TO FINANCIAL STATEMENTS (continued)
DECEMBER 31, 2016 AND 2015
AND FOR THE YEARS THEN ENDED
21. OPERATING EXPENSES (continued)
General and administration expenses
- Salary and employee welfare
- Depreciation
- Allowance employee expenses
- Transportation and business travelling
- Rental expenses
- Advertising expenses
- Post and telecommunication
- Employee benefits expenses
- Share registration
- Security and cleaning expenses
- Professional Fee
- Office expenses
- Repair and maintenance
- Electricity and water expenses
- Tax expeses
- Tax penalty expenses
- Meal and drink expenses
- Medical expenses
- Fuel expenses
- Company activities expenses
- Retribution and donation
- Entertainment expenses
- Newspaper expenses
- Others administration expenses
Total general and administration expenses
Total operating expenses
22. OTHERS INCOME (EXPENSE)
Income / (expense) financial-net
Interest received
Provision/bank administrasion
Tax of interest income
Total income / (expense) finance-net
Gain/ (loss) foreign exchange rate
266.078.903
1.683.177.761
140.346.800
224.226.723
-
34.138.420
3.681.660
19.705.512
4.237.080.189
1.137.033
3.989.929.324
1.340.817.669
2016
1.175.000
125.850.000
5.168.735
46.750.000
1.340.817.669
Rp
142.884.900
18.235.317
-
-
-
1.000.000
13.033.950
629.130.454
-
1.421.100
61.564.550
3.520.216
21.927.504
Rp
60.000.000
2.821.006
500.000
-
105.000.000
2015
1.146.100 2.395.000
1.581.125.140
-
2016
26.812.817
(3.399.971)
3.275.927
(6.129.005)
(546.893)
Rp
2015
4.180.080.189
- 35.470.000
7.683.000 -
1.000.000 -
425.000
3.874.445.305
Rp
(601.667)
(4.054.709)
(11.313.756)
7.860.713
61.603.681
29.027.975
13.725.900
- 60.660.761
29
PT WAHANA PRONATURAL Tbk
NOTES TO FINANCIAL STATEMENTS (continued)
DECEMBER 31, 2016 AND 2015
AND FOR THE YEARS THEN ENDED
22. OTHERS INCOME (EXPENSE)
Others net
Gain of write-off tax payables for the year 2015
Others income
Others expense - tax amnesty
Total others net
Total others income/ (expense)
23. TAXATION
a. Prepaid of tax expense is follow :
- Value added tax in
Total
b. Tax payable are as follows :
Income tax article 21
Income tax article 23
Value added tax
Income tax article 29
Total
c. Tax income / (expense) consist of :
Curent tax
Deffered tax
Total
2016
Value added tax for the year 2016 amounting to Rp 545.935.914 include value added tax purchase from PT Inasentra
Unisatya amounting to Rp 30.274.296. Since tax invoice from this purchase received by the Company at January 31,
2017, it can not be credited with value added tax in 2016.
Rp
(10.783.357.109)
2015
15.020.419
Rp
(312.125.377)
14.465.104
1.000.000
1.981.159.761 123.801.416
2016
609.230.150
79.194.941
470.408.315
RpRp
(11.008.519.359)
-
2.075.819.806
Rp
(312.125.377)
Rp
295.396.018
2015
(225.162.250)
463.754.990
545.935.914
Rp
-
45.483.253
250.331
545.935.914
-
102.744.043
2016
2015
295.396.018
467.809.699
-
45.483.253
469.558.315
(1.998.947)
2016 2015
Rp
30
PT WAHANA PRONATURAL Tbk
NOTES TO FINANCIAL STATEMENTS (continued)
DECEMBER 31, 2016 AND 2015
AND FOR THE YEARS THEN ENDED
23. TAXATION (continued)
c. Tax income / (expense) consist of :
Current Tax
Profit before tax in statement of profit loss and others comprehensive income
Temporary difference
- Allowance of employee benefits oblgation
Permanen difference:
- Salary and employee welfare
- Profesional fee
- Retribution and donation expense
- Entertainment expense
- Rental expense
- Advertising and rental
- Interest income
- Tax expense
- Tax penalty
- Gain of write-off tax payable for the year 2015
- Ohters expense
Taxable income of the Company
Taxable income rounded
Tax rate:
Total income tax expense
Deducted:
Income tax article 22
Fiscal loss - year 2011
Tax payable (Income tax article 29)
(469.558.315)
-
x
-
-
900.649.000
- 225.162.250
25% 900.649.000
1.472.728.233
2.821.006
900.649.472
629.130.454
1.000.000
61.603.681
14.530.667
-
79.194.941
(44.872.235.571)
579.578.741
(43.399.507.338)
-
18.056.090
-
2016
Rp
1.906.870
2015
224.226.723
Rp
4.250.000
(2.729.034) (7.259.046)
2.777.722
-
-
225.162.250
1.038.855.244
-
-
266.078.903
7.683.000
425.000
(145.967.309)
Reconciliation between income before tax, as stated in statement of profit loss and other comprehensive income and
estimation income tax as of December 31, 2016 and 2015 are as follows :
-
As a result of the participation of the tax amnesty program, in 2016 the Company has lost the right to compensate for losses
amounting to Rp 43.399.507.338 incurred until 2015.
-
-
31
PT WAHANA PRONATURAL Tbk
NOTES TO FINANCIAL STATEMENTS (continued)
DECEMBER 31, 2016 AND 2015
AND FOR THE YEARS THEN ENDED
23. TAXATION (continued)
Deffered tax
The Company
- Employee benefits obligation
Deffered tax asset net
The Company
- Employee benefits obligation
- Fiscal loss
Deffered tax asset net
24. EARNING PER SHARE
Profit for the year (Rp.)
Total shares
Profit per share (Rp)
25. TAX AMNESTY
The Company has been paid the ransom amounting to Rp. 2.000.000 at September 7, 2016.
56.056.681 201.358.495
2016
December 31,
520.000.000
Charge to December 31,
277.668.724
Rp
Calculation benefit (beban) deffered tax for the years December 31, 2016 and 2015 are as follows:
201.358.495
Rp
January 1,
Profit Loss
Rp
66.519.726
Rp
9.790.503
11.369.358.430 (312.125.377)
520.000.000
2015 Profit Loss
Rp
January 1,
2016
201.358.495 66.519.726
Other comprehensive income
Rp
2015
277.668.724
Charge to
267.453.364
Based on tax amnesty certificate Number: KET-60/PP/WPJ.07/2016 dated September 7, 2016, the Company has follow tax
amnesty program. Based on tax amnesty certificate, the assets that become the object of tax amnesty as follow:
0,51
(368.182.058)
Rp
(9.969.664.115)
-
(5.997.724)
151.299.538
11.218.058.893
Rp
11.051.235.330
2016
10.849.876.835
(5.997.724)
For the recording accounting of the assets, the Company has applied PSAK 70 "Accounting for Tax Amnesty Asset and
Liability" paragraph 7 which indicates that the assets in the tax amnesty is recorded as tax amnesty assets. Accordance
PSAK 70 paragraph 7, the Company applies the recorded accounting for assets tax amnesty prospectively.
Asset name
Inventory 100.000.000
2015
Amount
9.790.503
Other comprehensive income
(19,17)
Charge to
Charge to
32
PT WAHANA PRONATURAL Tbk
NOTES TO FINANCIAL STATEMENTS (continued)
DECEMBER 31, 2016 AND 2015
AND FOR THE YEARS THEN ENDED
SEGMENT INFORMATION
Sales
Cost of goods sols
Gross Profit
Operating expenses
Loss
Financial income
Others net
Loss before tax
Income tax expense
Other comprehensive income
Comprehensive income current year
STATEMENTS OF FINANCIAL POSITION
Current Assets
Non-current Assets
Total assets
Liabilities - short term
Liabilities - long term
Total liabilities
Others information
Capital expenditure
Depreciation
Year 2016
Product Total
25.478.991.070 46.796.076.801
8.944.363.331,84
-
178.054.000
-
691.085.477
2.934.541.975
Agricultural
Product
75.633.200.792
20.937.881.921,06
1.110.674.894
(11.008.519.359)
(29.371.511) -
22.048.556.815
59.098.573.053
21.317.085.731,06
8.780.547.820
(1.748.616)
4.565.029.578
(2.636.459.458) (1.353.469.866) (3.989.929.324)
105.894.649.854
50.154.209.722
11.008.519.359 -
2.520.474.235 (9.999.035.626)
(4.054.709)
(1.951.177.306) 2.520.474.235 1.038.855.244
(29.371.511)
(4.054.709) -
53.837.540.072
Rp Rp
(115.115.369.073) (49.963.595.971) (65.151.773.102)
30.261.449.063
575.100.254
65.842.858.579
2.520.474.235
29.718.429.741
30.829.104.635
-
467.809.699 -
(1.945.373.981)
26.
119.680.398.651
3.873.944.101
1.110.674.894
3.112.595.975
8.780.547.820
-
9.027.970.542
Candy
Rp
The Company classified their business into two segment; sales agrobisnis product and candy. Information about the Company
segment are as follows:
33
PT WAHANA PRONATURAL Tbk
NOTES TO FINANCIAL STATEMENTS (continued)
DECEMBER 31, 2016 AND 2015
AND FOR THE YEARS THEN ENDED
SEGMENT INFORMATION (continued)
Sales
Cost of goods sold
Gross profit
Operating expenses
Loss
Financial income
Gain on foreign exchange rate
Others net
Loss before tax
Tax expenses
Others comprehensive income
Comprehensive income current year
STATEMENTS OF FINANCIAL POSITION
Current Assets
Non-current assets
Total assets
Liabilities - short term
Liabilities - long term
Total liabilities
Others information
Capital expenditure
Depreciation
27. NATURE OF RELATIONSHIP AND TRANSACTIONS WITH RELATED PARTIES
Nature of relationship
a. PT Hijau Sari is the stockholder of the Company.
b. PT Mitra Niaga Sakti is the stockholder of the Company.
c. PT Lombok Mandiri Investama is the stockholder of the Company.
2.338.991.220
2.376.989.305
-
Candy
-
6.441.374.347 22.606.753.769
476.834.699
3.112.595.975
-
17.993.173
(312.125.377)
21.801.319.792
62.438.527.339 23.868.153.093
Rp Rp
product
(61.404.421.341)
11.030.851.054
45.483.253
(1.862.156.522)
(1.340.817.669)
(3.399.971)
22.662.676
(4.237.080.189) (2.896.262.520)
37.998.085
61.853.884.580
45.483.253
(1.797.410.564)
(3.399.971)
285.446.537
60.660.761
579.578.741
(81.592.765.544)
86.306.680.432
Year 2015
-
3.679.808.889 4.713.914.888
Rp
1.034.105.998
Agricultural
product Total
(20.188.344.204)
-
107.571.334.615
2.376.989.305
80.739.646.082
34.686.598.982
72.884.735.633
178.054.000 2.934.541.975
-
16.165.379.422
805.433.977
6.441.374.347
805.433.977
18.885.761.502
-
26.
-
15.359.945.445
(312.125.377)
17.993.173
(2.091.542.769)
15.800.837.480
26.831.688.533
34
PT WAHANA PRONATURAL Tbk
NOTES TO FINANCIAL STATEMENTS (continued)
DECEMBER 31, 2016 AND 2015
AND FOR THE YEARS THEN ENDED
27. NATURE OF RELATIONSHIP AND TRANSACTIONS WITH RELATED PARTIES (continued)
Transactions with Related Parties
GOING CONCERN
- Build the market and develop other products.
- Maintain financial flexibility and build a stable the financial structure.
- Collect all outstanding accounts receivable, so that the finance condition is stable..
FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENT
a. Foreign currency risk
b. Interest risk
To maintain the Company's going concern, management has developed plans and taken steps to continue the Company's
operational activities. The steps to be developed are:
Currency risk is the risk of fluctuations in the fair value or cash flows of financial instruments due to changes in foreign
currency exchange rates.
In the normal course of business, the Company also entered into certain transactions with related parties namely receiving
loans that were converted to shares of PT Hijau Sari and PT Mitra Niaga Sakti amounting to Rp 34.756.250.000. (note 17)
29.
The Company in the operational activities do not obtain loan from third parties using floating interst risk for minimalized
negatif effect to the Company.
In performing operating, investing and financing activities, the Company has financial risks of currency risk, price risk, credit
risk, liquidity risk and market risk and defines are as folows:
The Company's operating activities are mostly conducted in Rupiah and for balancing the cash flows, the Company is
funding the activities in the same currency.
The Company has suffered loss in 2011 amounting to Rp 56.990.596.346 and the Company started to rise in 2014. After the
Company has follow tax amnesty program and applied PSAK 70 "Accounting for Assets dan Liabilities Tax Amnesty" in 2016
which affected the elimination of deferred tax assets on accumulated loss amounting to Rp 10.849.876.835 which is
recognized as deferred income tax expense in current year's profit and loss, the Company's current year loss as of December
31, 2016 amounting to Rp 9.969.664.115. The loss in 2016 caused by the deficit accumulated up to December 31, 2016
become Rp 58.958.355.292.
This resulted in doubts about the Company’s ability to maintain its business continuity within a reasonable time frame.
Interest rate risk is fluctuation risk in the fair value or cash flows from financial instrument due to changes in the market
interest risk.
28.
35
PT WAHANA PRONATURAL Tbk
NOTES TO FINANCIAL STATEMENTS (continued)
DECEMBER 31, 2016 AND 2015
AND FOR THE YEARS THEN ENDED
FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENT (continued)
c. Price risk
d. Credit risk
The Company's maximum exposure for credit risk are as follows :
Cash and cash equivalents
Trade accounts receivable third parties
Total
e. Liquidity risk
29.
The Company managed credik risk by setting limits on the total acceptable risks for each customer and more selective in
the selection of banks and financial institution, only well known and well selected banks and financial institution are
selected.
10.917.361.498 5.570.890.167
6.670.517.149
1.099.626.982 1.270.329.936
The Company managed liquidity risk by maintaining adequate cash and cash equivalents to enable the Company to fullfill
the Company commitments to its normal operation. Beside that the Company also monitoring projection and actual cash
flows, also monitor due date financial assets and liabilities.
The Company plans to pay all liabilities in the next period. To meet the commitment, the Company expects it operation to
generate sufficient cash inflow. The Company has liquid financial assets and is available to meet liquidity needs.
Rp
2016 2015
Price risk is the risk of fluctuations in the fair value or cash flows of financial instruments due to changes in market prices,
either caused by the specific factors of the individual instrument or the factors affecting all the instruments traded in the
market.
Credit risk is the risk that one of the parties fail to meet its liability and cause the other party loss.
Credit risk is a risk that the Company will incur losses arising from customer, client or other party fail to meet their
contractual obligations. The Company's financial instrument that have potensial for credit risk consist of cash and cash
equivalents and trade accounts receivable. Total maximum credit risk exposure is equal to the carrying amount of the
accounts.
Liquidity risk is risk where is the Company will have difficulty in obtaining funds to meets its commitments related to
financial instrument.
The Company managed price risk by evaluated financial performance and market price of investment, also always monitor
global market.
Rp
12.187.691.434
36
PT WAHANA PRONATURAL Tbk
NOTES TO FINANCIAL STATEMENTS (continued)
DECEMBER 31, 2016 AND 2015
AND FOR THE YEARS THEN ENDED
FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENT (continued)
f. Equity risk
g. Categories and classes of financial instruments
Current financial assets
- Cash and cash equivalents
- Trade accounts receivable
Total financial assets
Financial liabilities short term
- Trade accounts payable
- Accrued expenses
Total financial liabiities
Current financial assets
- Cash and cash equivalents
- Trade accounts receivable
Total financial assets
Financial liabilities short term
- Trade accounts payable
- Accrued expenses
Total financial liabiities
29.
All the Company equity structure from equity and loan from supplier. There is no other loan received by the Company to
strengthen its capital structure.
The Company manage equity risk to make sure that the Company is able to continue its going concern as to maximize
return on shareholders and stakeholder as well as maintain optimization of debt and equity balance.
- 46.261.000
Liabilities at
amortized cost
Liabilities at
Receivables
Loans and
10.917.361.498
December 31, 2016
9.483.508.810
diamortisasi
Rp Rp
piutang
-
14.000.523.102
Loans and
amortized cost
225.048.443
12.187.691.434
-
-
-
-
1.270.329.936
Rp
-
5.570.890.167
Rp
-
-
13.775.474.659
The Company's Director periodically reviewed the Company capital structure. As a part of reviewed, Director considers
equity cost and related cost.
-
December 31, 2015
6.670.517.149
1.099.626.982
-
-
9.529.769.810
Receivables
37
PT WAHANA PRONATURAL Tbk
NOTES TO FINANCIAL STATEMENTS (continued)
DECEMBER 31, 2016 AND 2015
AND FOR THE YEARS THEN ENDED
FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENT (continued)
h. Financial instruments
Financial assets
- Cash and cash equivalents
- Trade accounts receivable third parties
Financial Liabilities
- Trade account payables
- Accrued expenses
Financial Assets
- Cash and cash equivalents
- Trade account receivable to third parties
Financial Liabilities
- Trade account payables
- Accrued expenses
The main guidelines from this policy, are as follows :
- Minimization risk of interest rate, currency and market risk for every transaction.
-
- Monitoring and doing all activites of financial risk management.
-
13.775.474.659 13.775.474.659
1.270.329.936
Carrying value and fair value financial instrument at December 31, 2016 and 2015 are as follows:
10.917.361.498
1.270.329.936
10.917.361.498
Year 2016
Fair value
Rp Rp
29.
1.099.626.982
Carrying value
46.261.000
225.048.443
9.483.508.810 9.483.508.810
Rp
1.099.626.982
5.570.890.167
225.048.443
All financial risk management activities are conducted wisely and consistently and follow best market practices.
In order to manage these risk effectively, the Board of Director has approved saveral strategies to managing financial risk,
which are in line with the Company's objectives. These guidelines establish the objectives and actions to be taken in order to
manage the financial risk.
Maximization used "natural hedge" that benefit as much as possible off-setting natural between sales and expense and
accounts payable and accounts receivable in same currency. The same strategy is taken in relation to interest rate.
46.261.000
Year 2015
Rp
Fair value
5.570.890.167
Carrying amount
38
PT WAHANA PRONATURAL Tbk
NOTES TO FINANCIAL STATEMENTS (continued)
DECEMBER 31, 2016 AND 2015
AND FOR THE YEARS THEN ENDED
30. REISSUED THE FINANCIAL STATEMENTS
Liabilities - Short term account payable
to related parties
Equity component of convertible debt
Liabilities - Short term account payable
to related parties
Equity component of convertible debt
31. COMPLETING FINANCIAL STATEMENTS
Management of the Company has resposibility to completed this financial statements at June 05, 2017.
69.512.500.000
Debit (Credit)
69.512.500.000 - 69.512.500.000
69.512.500.000
-
(69.512.500.000) -
69.512.500.000
RpRp
After ReclassificationBefore Reclassification
31-Des-16
Rp
31-Des-16
Reclassification
* * * * * * *
31-Des-15
In relation to the adjustment of the presentation of cash flows for the year ended December 31, 2016 and the reclassification
short term account payable to related parties as of December 31, 2016 and 2015 that meet the criteria as an equity
instrument, The Company has reissued the Company’s financial statements at December 31, 2016 and 2015 accompanied by
adjustment to the presentation of cash flows and reclassification of short term account payable to related parties that were
initially recorded as liability component to become equity component are as follows:
Before Reclassification Reclassification After Reclassification
Debit (Credit) 31-Des-15
Rp Rp Rp
69.512.500.000 (69.512.500.000) -
- 69.512.500.000 69.512.500.000
69.512.500.000 - 69.512.500.000
39