15 (36% ./5&//$& '$-5: &30 4 -103/ ,&6/(/ …. GARUDA MAINTENANCE FACILITY AERO ASIA LAPORAN KEUANGAN/FINANCIAL STATEMENTS UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2007 DAN 2006

FINANCIAL STATEMENTS

PT. GARUDA MAINTENANCE FACILITY AERO ASIA

LAPORAN KEUANGAN/FINANCIAL STATEMENTS

UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2007 DAN 2006/FOR THE YEARS ENDED DECEMBER 31, 2007 AND 2006

DAN LAPORAN AUDITOR INDEPENDEN/AND INDEPENDENT AUDITORS’ REPORT

PT. GARUDA MAINTENANCE FACILITY AERO ASIADAFTAR ISI/TABLE OF CONTENTS

Halaman/Page

LAPORAN AUDITOR INDEPENDEN/INDEPENDENT AUDITORS’ REPORT 1

LAPORAN KEUANGAN – Pada tanggal 31 Desember 2007 dan 2006serta untuk tahun yang berakhir pada tanggal-tanggal tersebut/

FINANCIAL STATEMENTS – As of December 31, 2007 and 2006and for the years then ended

Neraca/Balance Sheets 3

Laporan Laba Rugi/Statements of Income 4

Laporan Perubahan Ekuitas/Statements of Changes in Equity 5

Laporan Arus Kas/Statements of Cash Flows 6

Catatan Atas Laporan Keuangan/Notes to Financial Statements 7

PT. GARUDA MAINTENANCE FACILITY AERO ASIA PT. GARUDA MAINTENANCE FACILITY AERO ASIANERACA BALANCE SHEETS31 DESEMBER 2007 DAN 2006 DECEMBER 31, 2007 AND 2006

Catatan/2007 Notes 2006Rp Rp

AKTIVA ASSETS

AKTIVA LANCAR CURRENT ASSETSKas dan setara kas 149.918.259.787 2d,3 47.988.982.425 Cash and cash equivalentsDeposito berjangka - 2e,4 37.306.000.000 Time depositsPiutang usaha Trade accounts receivablePihak hubungan istimewa 155.348.902.793 5,21 80.657.639.239 Related partiesPihak ketiga - setelah dikurangi Third parties - net of allowancepenyisihan piutang ragu-ragu for doubtful accounts ofRp 41.856.010.791 tahun 2007 dan Rp 41,856,010,791 in 2007 andRp 38.164.979.600 tahun 2006 152.495.419.938 2f,5 135.287.340.458 Rp 38,164,979,600 in 2006

Tagihan bruto kepada pelanggan 130.042.810.530 2j,6 52.224.292.619 Gross receivable to customersPersediaan 200.811.071.339 2g,7 174.529.666.684 InventoriesUang muka dan biaya dibayar dimuka 19.987.611.714 2h,8 13.096.574.614 Advances and prepaid expensesJumlah Aktiva Lancar 808.604.076.101 541.090.496.039 Total Current Assets

AKTIVA TIDAK LANCAR NONCURRENT ASSETSAktiva pajak tangguhan 49.387.958.476 2l,18 38.266.712.360 Deferred tax assets - netPersediaan dalam perjanjian Inventories under exchangepertukaran 132.971.078.810 9 207.460.000.000 agreement

Aktiva tetap - setelah dikurangi Property and equipment - net ofakumulasi penyusutan accumulated depreciation ofRp 150.645.948.057 tahun 2007 dan Rp 150,645,948,057 in 2006 andRp 113.474.889.997 tahun 2006 39.289.343.679 2i,10,21 61.068.092.811 Rp 113,474,889,997 in 2006

Jumlah Aktiva Tidak Lancar 221.648.380.965 306.794.805.171 Total Noncurrent Assets

JUMLAH AKTIVA 1.030.252.457.066 847.885.301.210 TOTAL ASSETS

KEWAJIBAN DAN EKUITAS LIABILITIES AND EQUITY

KEWAJIBAN LANCAR CURRENT LIABILITIESHutang usaha Trade accounts payablePihak hubungan istimewa 171.077.480.684 11,21 188.291.793.913 Related partiesPihak ketiga 177.366.279.296 11 131.987.987.968 Third parties

Hutang lain-lain 12 Other accounts payablePihak hubungan istimewa 81.007.725.111 21 13.856.587.051 Related partiesPihak ketiga 33.712.127.898 23.396.134.896 Third parties

Hutang pajak 27.490.377.375 2l,13 14.702.423.916 Taxes payableBiaya masih harus dibayar 10.823.754.671 2c 10.412.730.943 Accrued expensesJumlah Kewajiban Lancar 501.477.745.035 382.647.658.687 Total Current Liabilities

KEWAJIBAN TIDAK LANCAR NONCURRENT LIABILITIESHutang kepada pihak hubungan istimewa 72.980.381.866 21 82.009.580.282 Due to a related partyKewajiban imbalan kerja 96.356.587.000 2k,20 75.105.458.000 Employment benefits obligationJumlah Kewajiban Tidak Lancar 169.336.968.866 157.115.038.282 Total Noncurrent Liabilities

EKUITAS EQUITYModal saham - nilai nominal Capital stock - Rp 250 thousandRp 250 ribu per saham par value per shareModal dasar - 1.467.200 saham Authorized - 1,467,200 sharesModal ditempatkan dan disetor - Issued and paid-up -665.600 saham 166.400.000.000 14 166.400.000.000 665,600 shares

Saldo laba Retained earningsDitentukan penggunaannya 9.984.000.000 19 6.656.000.000 AppropriatedTidak ditentukan penggunaannya 183.053.743.165 135.066.604.241 Unappropriated

Jumlah Ekuitas 359.437.743.165 308.122.604.241 Total Equity

JUMLAH KEWAJIBAN DAN EKUITAS 1.030.252.457.066 847.885.301.210 TOTAL LIABILITIES AND EQUITY

Lihat catatan atas laporan keuangan yang merupakanbagian yang tidak terpisahkan dari laporan keuangan.

See accompanying notes to financial statementswhich are an integral part of the financial statements.

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PT. GARUDA MAINTENANCE FACILITY AERO ASIA PT. GARUDA MAINTENANCE FACILITY AERO ASIALAPORAN LABA RUGI STATEMENTS OF INCOMEUNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED31 DESEMBER 2007 DAN 2006 DECEMBER 31, 2007 AND 2006

Catatan/2007 Notes 2006Rp Rp

PENDAPATAN USAHA 1.381.055.538.975 2j,15,21 1.103.075.991.887 REVENUE

BEBAN LANGSUNG 1.125.937.375.799 2j,16,21 822.304.110.178 DIRECT COST

LABA KOTOR 255.118.163.176 280.771.881.709 GROSS PROFIT

BEBAN USAHA 2j,17 OPERATING EXPENSESPenjualan 17.763.421.444 13.936.651.249 SellingUmum dan administrasi 184.022.252.228 186.624.464.408 General and administrativeJumlah Beban Usaha 201.785.673.672 200.561.115.657 Total Operating Expenses

LABA USAHA 53.332.489.504 80.210.766.052 INCOME FROM OPERATIONS

PENGHASILAN (BEBAN) LAIN-LAIN OTHER INCOME (CHARGES)Penghasilan bunga 2.635.296.056 3,4 652.873.501 Interest incomeBeban keuangan (484.149.511) 23 (1.035.813.588) Financial chargesKeuntungan (kerugian) kurs mata Gain (loss) on foreignuang asing - bersih 18.551.846.826 2b (21.051.676.600) exchange - net

Lain-lain - bersih 520.656.133 (157.915.602) Others - net

Penghasilan (Beban) Lain-lain - Bersih 21.223.649.504 (21.592.532.289) Other Income (Charges) - Net

LABA SEBELUM PAJAK 74.556.139.008 58.618.233.763 INCOME BEFORE TAX

BEBAN PAJAK (23.241.000.084) 2l,18 (18.236.629.340) TAX EXPENSE

LABA BERSIH 51.315.138.924 40.381.604.423 NET INCOME



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PT. GARUDA MAINTENANCE FACILITY AERO ASIA PT. GARUDA MAINTENANCE FACILITY AERO ASIALAPORAN PERUBAHAN EKUITAS STATEMENTS OF CHANGES IN EQUITYUNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2007 DAN 2006 FOR THE YEARS ENDED DECEMBER 31, 2007 AND 2006

Ditentukan Tidak ditentukanCatatan/ Modal disetor/ penggunaannya/ penggunaannya/ Jumlah ekuitas/Note Paid-up capital Appropriated Unappropriated Total equity

Rp Rp Rp Rp

Saldo per 1 Januari 2006 166.400.000.000 3.328.000.000 98.012.999.818 267.740.999.818 Balance as of January 1, 2006Cadangan umum 19 - 3.328.000.000 (3.328.000.000) - Appropriation for general reserveLaba bersih tahun berjalan - - 40.381.604.423 40.381.604.423 Net income for the year

Saldo per 31 Desember 2006 166.400.000.000 6.656.000.000 135.066.604.241 308.122.604.241 Balance as of December 31, 2006Cadangan umum 19 - 3.328.000.000 (3.328.000.000) - Appropriation for general reserveLaba bersih tahun berjalan - - 51.315.138.924 51.315.138.924 Net income for the year

Saldo per 31 Desember 2007 166.400.000.000 9.984.000.000 183.053.743.165 359.437.743.165 Balance as of December 31, 2007


Saldo laba/Retained earnings


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PT. GARUDA MAINTENANCE FACILITY AERO ASIA PT. GARUDA MAINTENANCE FACILITY AERO ASIALAPORAN ARUS KAS STATEMENTS OF CASH FLOWSUNTUK TAHUN YANG BERAKHIR FOR THE YEARS ENDED31 DESEMBER 2007 DAN 2006 DECEMBER 31, 2007 AND 2006

2007 2006Rp Rp

ARUS KAS DARI AKTIVITAS OPERASI CASH FLOWS FROM OPERATING ACTIVITIESPenerimaan kas dari pelanggan 1.276.748.173.799 1.181.792.585.214 Cash receipts from customersPembayaran kas kepada Cash paid to supplierspemasok dan karyawan (1.173.126.317.908) (1.086.555.117.389) and employees

Kas dihasilkan dari operasi 103.621.855.891 95.237.467.825 Cash generated from operationsPembayaran bunga (484.149.511) (1.035.813.588) Interest paidPembayaran pajak penghasilan (25.757.416.146) (35.236.487.321) Income taxes paid

Kas Bersih Diperoleh dari Aktivitas Operasi 77.380.290.234 58.965.166.916 Net Cash Provided by Operating Activities

ARUS KAS DARI AKTIVITAS INVESTASI CASH FLOWS FROM INVESTING ACTIVITIESPenerimaan bunga 2.635.296.056 652.873.501 Interest receivedPencairan (penempatan) deposito berjangka 37.306.000.000 (37.306.000.000) Withdrawals (placements) in time depositsPerolehan aktiva tetap (15.392.308.928) (7.388.551.476) Acquisitions of property and equipmentKas Bersih Diperoleh dari (digunakan untuk) Net Cash Provided by (Used in)Aktivitas Investasi 24.548.987.128 (44.041.677.975) Investing Activities

KENAIKAN BERSIH NET INCREASE INKAS DAN SETARA KAS 101.929.277.362 14.923.488.941 CASH AND CASH EQUIVALENTS

KAS DAN SETARA CASH AND CASH EQUIVALENTS ATKAS AWAL TAHUN 47.988.982.425 33.065.493.484 BEGINNING OF YEAR

KAS DAN SETARA KAS CASH AND CASH EQUIVALENTS ATAKHIR TAHUN 149.918.259.787 47.988.982.425 END OF YEAR

INFORMASI TAMBAHAN SUPPLEMENTAL DISCLOSUREAktivitas investasi dan pendanaan Noncash investing and financingyang tidak mempengaruhi kas: activities:Pembayaran hutang kepada pihak Payment of due to a related partyhubungan istimewa dengan through offsetting of tradememperhitungkan piutang usaha 9.029.198.416 9.112.175.549 accounts receivable

Penambahan aktiva tetap melalui Additions to property and equipment throughhutang lain-lain - 2.203.108.719 incurrence of other accounts payable

See accompanying notes to financial statements which are anintegral part of the financial statements.


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PT. GARUDA MAINTENANCE FACILITY AERO ASIACATATAN ATAS LAPORAN KEUANGAN31 DESEMBER 2007 DAN 2006SERTA UNTUK TAHUN YANG BERAKHIRPADA TANGGAL-TANGGAL TERSEBUT - Lanjutan

PT. GARUDAMAINTENANCE FACILITY AERO ASIANOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2007 AND 2006AND FOR THE YEARS

THEN ENDED - Continued

1. UMUM 1. GENERAL

PT. Garuda Maintenance Facility Aero Asia(Perusahaan) didirikan berdasarkan akta No. 93 tanggal26 April 2002 dari Notaris Arry Supratno, SH. Aktapendirian ini telah disahkan oleh Menteri Kehakiman danHak Asasi Manusia Republik Indonesia dalam SuratKeputusannya No. C-11688 HT.01.01.TH.2002 tanggal25 Juni 2002, serta diumumkan dalam Berita NegaraRepublik Indonesia No. 78 tanggal 27 September 2002,Tambahan No. 11677. Menteri Keuangan RepublikIndonesia dalam Surat KeputusannyaNo. 387/KMK.04/2002 tanggal 30 Agustus 2002menetapkan lokasi Perusahaan sebagai kawasanberikat. Anggaran dasar Perusahaan mengalamibeberapa kali perubahan, terakhir dengan akta No. 161tanggal 28 Oktober 2005 dari Notaris Arry Supratno, SH,yaitu perubahan pasal 26 mengenai penggunaan labadan pasal 27 mengenai cadangan modal (Catatan 19).Akta perubahan ini telah diterima Menteri Kehakimandan Hak Azasi Manusia Republik Indonesia denganSuratnya No. C-33990.HT.01.04.TH.2005 tanggal21 Desember 2005, serta diumumkan dalam BeritaNegara Republik Indonesia No. 13 tanggal 14 Pebruari2006, Tambahan No. 168/2006.

PT. Garuda Maintenance Facility Aero Asia (theCompany) was established based on deed No. 93 datedApril 26, 2002 of Notary Arry Supratno, SH. The deed ofestablishment was approved by the Minister of Justiceand Human Rights of the Republic of Indonesia in hisDecision Letter No. C-11688 HT.01.01.TH.2002 datedJune 25, 2002, and was published in State GazetteNo. 78 dated September 27, 2002, SupplementNo. 11677. The Minister of Finance of the Republic ofIndonesia in his Decision Letter No. 387/KMK.04/2002dated August 30, 2002 approved the Company’slocation as a bonded area. The Company’s article ofassociation has been amended several times, mostrecently by deed No. 161 dated October 28, 2005 ofNotary Arry Supratno, SH, concerning the change insection 26 in relation to the distribution of retainedearnings and section 27 in relation to the capital reserve(Note 19). This amendment was acknowledged by theMinister of Justice and Human Rights of the Republic ofIndonesia in his Letter No. C-33990.HT.01.04.TH.2005dated December 21, 2005, and was published in StateGazette No. 13 dated February 14, 2006, SupplementNo. 168/2006.

Pada tanggal 16 Agustus 2007, Dewan PerwakilanRakyat dan Presiden Republik Indonesia memutuskanuntuk menetapkan Undang-Undang No. 40 tahun 2007mengenai “Perseroan Terbatas” sebagai penggantiUndang-Undang No. 1 tahun 1995. Manajemen sedangmengevaluasi dampak dari undang-undang ini terhadapAnggaran Dasar Perusahaan.

On August 16, 2007, the Parliament and the Presidentof Republic of Indonesia decided to issues Law No. 40year 2007, regarding “Corporate Law” to replace LawNo. 1 year 1995. Management is evaluating the effect ofthis law on the Company’s Article of Association.

Sesuai dengan pasal 3 anggaran dasar Perusahaan,ruang lingkup kegiatan Perusahaan adalah dalambidang jasa perawatan pesawat terbang, perawatankomponen dan kalibrasi, perawatan engine,pembuatan dan perawatan sarana pendukung, sertajasa engineering.

In accordance with article 3 of the Company’s articles ofassociation, the scope of its activities is to engage inaircraft maintenance, component and calibrationmaintenance, engine maintenance, installation andmaintenance of supporting infrastructure, andengineering services.

Perusahaan beroperasi secara komersial tanggal1 Agustus 2002. Kantor pusat Perusahaanberkedudukan di Gedung Manajemen GarudaIndonesia, Bandara Soekarno Hatta, Cengkareng,Tangerang. Pada tahun 2007, Perusahaan mempunyai18 kantor perwakilan domestik dan 3 kantor perwakilaninternasional. Pada tanggal 31 Desember 2007 dan2006, Perusahaan mempunyai karyawan tetapmasing-masing 2.362 karyawan dan 2.394 karyawan.

The Company started commercial operations onAugust 1, 2002. The Company’s head office is locatedat Gedung Manajemen Garuda Indonesia, BandaraSoekarno Hatta, Cengkareng, Tangerang. In 2007, theCompany has 18 domestic outstations and3 international outstations. On December 31, 2007 and2006, the Company had total number of permanentemployees of 2,362 and 2,394, respectively.





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Perusahaan merupakan salah satu perusahaan yangdimiliki oleh PT Garuda Indonesia. Pada tanggal31 Desember 2007 susunan dewan komisaris dandireksi Perusahaan adalah sebagai berikut:

The Company is one of the group companies owned byPT Garuda Indonesia. On December 31, 2007, theCompany’s board of commissioners and directorsconsisted of the following:

Dewan Komisaris Board of CommissionersKomisaris Utama Emirsyah Satar Chief of CommissionerKomisaris Sunarko Kuntjoro Commissioner

Direksi DirectorsDirektur Utama Richard Budihadianto President DirectorWakil Direktur Utama Agus Sudaryo Vice President DirectorDirektur Hanrozan Haznam Director

Komite Audit Audit CommitteeAnggota Desmon Ismail MemberAnggota independen Nina Diyanti Anwar Independent member

2. IKHTISAR KEBIJAKAN AKUNTANSI PENTING 2. SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES

a. Penyajian Laporan Keuangan a. Financial Statement Presentation

Laporan keuangan disusun dengan menggunakanprinsip dan praktek akuntansi yang berlaku umumdi Indonesia.

The financial statements have been preparedusing accounting principles and reporting practicesgenerally accepted in Indonesia and are notintended to present the financial position, results ofoperations and cash flows in accordance withaccounting principles and reporting practicesgenerally accepted in other countries andjuridictions.

Dasar penyusunan laporan keuangan, kecualiuntuk laporan arus kas, adalah dasar akrual. Matauang pelaporan yang digunakan untukpenyusunan laporan keuangan adalah mata uangRupiah (Rp), yang pengukurannya disusunberdasarkan nilai historis, kecuali beberapa akuntertentu disusun berdasarkan pengukuran lainsebagaimana diuraikan dalam kebijakan akuntansimasing-masing akun tersebut.

The financial statements, except for the statementsof cash flows, are prepared under the accrual basisof accounting. The reporting currency used in thepreparation of the financial statements is theIndonesian Rupiah (Rp), while the measurementbasis used is the historical cost, except for certainaccounts which are measured on the basesdescribed in the related accounting policies.

Laporan arus kas disusun dengan menggunakanmetode langsung dengan mengelompokkan aruskas dalam aktivitas operasi, investasi danpendanaan.

The statements of cash flows are prepared usingthe direct method with classifications of cash flowsinto operating, investing and financing activities.

b. Transaksi dan Saldo Dalam Mata Uang Asing

Pembukuan Perusahaan diselenggarakan dalammata uang Rupiah. Transaksi-transaksi selamatahun berjalan dalam mata uang asing dicatatdengan kurs yang berlaku pada saat terjadinyatransaksi. Pada tanggal neraca, aktiva dankewajiban moneter dalam mata uang asingdisesuaikan untuk mencerminkan kurs yangberlaku pada tanggal tersebut. Keuntungan ataukerugian kurs yang timbul dibebankan dalamlaporan laba rugi tahun yang bersangkutan.

b. Foreign Currency Transactions and Balances

The books of accounts of the Company aremaintained in Indonesian Rupiah. Transactionsduring the year involving foreign currencies arerecorded at the rates of exchange prevailing at thetime the transactions are made. At balance sheetdate, monetary assets and liabilities denominatedin foreign currencies are adjusted to reflect therates of exchange prevailing at that date. Theresulting gains or losses are credited or charged tostatement of income.





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c. Penggunaan Estimasi

Penyusunan laporan keuangan sesuai denganprinsip akuntansi yang berlaku umum di Indonesiamengharuskan manajemen membuat estimasi danasumsi yang mempengaruhi jumlah aktiva dankewajiban yang dilaporkan dan pengungkapanaktiva dan kewajiban kontinjensi pada tanggallaporan keuangan serta jumlah pendapatan danbeban selama periode pelaporan. Realisasi dapatberbeda dengan jumlah diestimasi.

c. Use of Estimates

The preparation of financial statements inconformity with accounting principles generallyaccepted in Indonesia requires management tomake estimates and assumptions that affect thereported amounts of assets and liabilities and thedisclosures of contingent assets and liabilities atthe date of the financial statements and thereported amounts of revenues and expensesduring the reporting period. Actual results coulddiffer from those estimates.

d. Kas dan Setara Kas

Kas dan setara kas terdiri dari kas, bank dansemua investasi yang jatuh tempo dalam waktutiga bulan atau kurang dari tanggal perolehan dantidak dijaminkan serta tidak dibatasipenggunaannya.

d. Cash and Cash Equivalents

Cash and cash equivalents consist of cash onhand and in banks and all unrestricted investmentswith maturities of three months or less from thedate of placement.

e. Deposito Berjangka

Deposito berjangka yang jatuh tempo kurang daritiga bulan namun dijaminkan dan depositoberjangka yang jatuh temponya lebih dari tigabulan dinyatakan terpisah sebesar nilai nominal.

e. Time Deposits

Time deposits with maturity of three months or lesswhich is pledged as collateral and time deposit withmaturity of more than three months are statedseparately at their nominal values.

f. Piutang

Piutang dinyatakan sebesar nilai nominal jumlahtagihan setelah dikurangi dengan penyisihanpiutang ragu-ragu. Penyisihan piutang ragu-raguditetapkan berdasarkan penelaahan terhadapmasing-masing akun piutang pada akhir tahun.Piutang dihapuskan dalam tahun piutang tersebutdipastikan tidak akan tertagih.

f. Accounts receivable

Accounts receivable are stated at their nominalvalue less allowance for doubtful accounts.Allowance for doubtful accounts is provided basedon review of the status of the individual receivableaccounts at the end of the year. Receivable iswritten-off when the accounts is determined to beuncollectible.

g. Persediaan g. Inventories

Persediaan dinyatakan berdasarkan biayaperolehan atau nilai realisasi bersih, mana yanglebih rendah. Biaya perolehan ditentukan denganmetode rata-rata tertimbang.

Inventories are stated at cost or net realizablevalue, whichever is lower. Cost is determined usingthe weighted average method.

h. Biaya Dibayar Dimuka h. Prepaid Expenses

Biaya dibayar dimuka diamortisasi selama masamanfaat masing-masing biaya denganmenggunakan metode garis lurus.

Prepaid expenses are amortized over theirbeneficial periods using the straight-line method.

i. Aktiva Tetap

Aktiva tetap dinyatakan berdasarkan biayaperolehan setelah dikurangi akumulasipenyusutan.

i. Property and Equipment

Property and equipment are stated at cost lessaccumulated depreciation.

Aktiva tetap disusutkan dengan metode garis lurusberdasarkan taksiran masa manfaat ekonomisaktiva tetap sebagai berikut:

Depreciation is computed using the straight-linemethod based on the estimated useful lives of theassets as follows:

Tahun/Years

Peralatan dan perlengkapan bengkel 3 – 5 Warehouse tools and equipmentSoftware 3 SoftwarePeralatan kantor 5 Office equipment





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Bila nilai tercatat suatu aktiva melebihi taksiranjumlah yang dapat dipulihkan, maka nilai tersebutditurunkan ke jumlah terpulihkan tersebut, yangditentukan sebagai nilai tertinggi antara harga jualneto dan nilai pakai.

When the carrying amount of an asset exceeds itsestimated recoverable amount, the carryingamount is written down to its estimatedrecoverable amount, which is determined as thehigher of net selling price or value in use.

Beban pemeliharaan dan perbaikan dibebankanpada saat terjadinya; pengeluaran yangmemperpanjang masa manfaat atau memberimanfaat ekonomis di masa datang dalam bentukpeningkatan standar kinerja dikapitalisasi. Aktivatetap yang sudah tidak digunakan lagi atau yangdijual, dikeluarkan dari kelompok aktiva tetapberikut akumulasi penyusutannya dan keuntunganatau kerugian penjualan aktiva tetap diakui dalamtahun yang bersangkutan.

The cost of maintenance and repairs is charged tooperations as incurred; expenditures which extendthe useful life of the asset or result in increasedfuture economic benefits such as increase instandard of performance are capitalized. Whenassets are retired or otherwise disposed of, theircarrying values and the related accumulateddepreciation are removed from the accounts andany resulting gain or loss is reflected in the currentoperations.

j. Pengakuan Pendapatan dan Beban j. Revenue and Expense Recognition

Pendapatan jasa pemeliharaan dan perbaikanpesawat diakui dengan menggunakan metodepersentase penyelesaian berdasarkan proporsibiaya pekerjaan yang terjadi hingga tanggaltertentu dibagi estimasi jumlah biaya pekerjaan.

Revenue from aircrafts maintenance and repairservice is recognized using the percentage ofcompletion method based on the proportion thatcontract cost incurred to date bear to the estimatedtotal contract cost.

Bila hasil transaksi jasa pemeliharaan danperbaikan pesawat tidak dapat diestimasi denganandal, pendapatan yang diakui hanya yangberkaitan dengan biaya pekerjaan yang telahdiakui yang dapat diperoleh kembali.

Where the outcome of an aircraft maintenance andrepair service can not be estimated reliably,revenue is recognized to the extent of contractcosts incurred that is probable will be recoverable.

Bila jumlah biaya pekerjaan memungkinkanmelebihi jumlah pendapatan jasa pemeliharaandan perbaikan pesawat, estimasi kerugian diakuisegera sebagai beban.

When it is probable that total contract cost willexceed total revenue from aircrafts maintenanceand repair service, the expected loss is recognizedas an expense immediately.

Pada tanggal neraca, kelebihan pendapatan ataspenagihan dari jasa pemeliharaan dan perbaikanpesawat disajikan sebagai aktiva lancar pada“Tagihan bruto kepada pelanggan”, sedangkankelebihan penagihan atas pendapatan disajikansebagai kewajiban lancar pada “Hutang brutokepada pelanggan”.

At balance sheet date, earnings in excess ofbillings on aircrafts maintenance and repair serviceare presented as current assets under “Grossamount due from customers” while billings inexcess of earnings are presented as currentliability under “Gross amount due to customers”.

Pendapatan jasa penyewaan peralatan diakuiberdasarkan periode kontrak sewa.

Revenue from tools and equipment rental serviceis recognized based on the term of the leasecontract.

Beban diakui sesuai manfaatnya pada tahun yangbersangkutan (metode akrual).

Expenses are recognized when incurred (accrualmethod).

k. Imbalan Kerja k. Employment Benefits

Imbalan Pasca-kerja Post-employment Benefits

Program Iuran Pasti Defined Contribution Plan

Kontribusi kepada program pensiun iuran pastidiakui sebagai beban pada saat karyawan telahmemberikan jasa yang berhubungan dengankontribusi.

Contributions to defined contribution retirementbenefit plans are recognized as an expense whenemployees have rendered service entitling them tothe contributions.





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Program Imbalan Pasti Defined Benefit Plan

Perhitungan program imbalan pasti ditentukandengan menggunakan metode Projected UnitCredit. Akumulasi keuntungan dan kerugianaktuarial bersih yang belum diakui yang melebihi10% dari nilai kini kewajiban imbalan pasti diakuidengan metode garis lurus selama rata-rata sisamasa kerja yang diprakirakan dari para pekerjadalam program tersebut. Biaya jasa laludibebankan langsung, apabila imbalan tersebutmenjadi hak atau vested, dan sebaliknya diakuisebagai beban dengan menggunakan metodegaris lurus berdasarkan periode rata-rata sampaiimbalan tersebut menjadi vested.

The cost of providing post-employment definedbenefits is determined using the Projected UnitCredit Method. The accumulated unrecognizedactuarial gains and losses that exceeded 10% ofthe present value of the Company’s defined benefitobligations are recognized on straight-line basisover the expected average remaining service yearsof the participating employees. Past service cost isrecognized immediately to the extent that thebenefits are already vested, and otherwise isamortized on a straight-line basis over the averageperiod until the benefits become vested.

Jumlah yang diakui sebagai kewajiban imbalanpasti di neraca merupakan nilai kini kewajibanimbalan pasti disesuaikan dengan biaya jasa laluyang belum diakui, keuntungan dan kerugianaktuarial yang belum diakui.

The benefit obligation recognized in the balancesheet represents the present value of the definedbenefit obligation, as adjusted for unrecognizedpast service cost and unrecognized actuarial gainsand losses.

Imbalan Kerja Jangka Panjang Lainnya Other Long-term Benefits

Perhitungan imbalan kerja jangka panjang lainnyaditentukan dengan menggunakan metodeProjected Unit Credit. Biaya jasa lalu dankeuntungan (kerugian) aktuarial diakui langsungpada tahun bersangkutan.

The cost of providing long-term benefits isdetermined using the Projected Unit CreditMethod. Past service cost and actuarial gains(losses) are recognized immediately to the currentoperations.

Jumlah yang diakui sebagai kewajiban untukimbalan kerja jangka panjang lainnya di neracaadalah nilai kini kewajiban imbalan pasti.

The long-term employment benefit obligationrecognized in the balance sheet represents thepresent value of the defined benefit obligation.

l. Pajak Penghasilan

Beban pajak kini ditentukan berdasarkan laba kenapajak dalam tahun yang bersangkutan yangdihitung berdasarkan tarif pajak yang berlaku.

l. Income Tax

Current tax expense is determined based on thetaxable income for the year computed usingprevailing tax rates.

Aktiva dan kewajiban pajak tangguhan diakui ataskonsekuensi pajak periode mendatang yang timbuldari perbedaan jumlah tercatat aktiva dankewajiban menurut laporan keuangan dengandasar pengenaan pajak aktiva dan kewajiban.Kewajiban pajak tangguhan diakui untuk semuaperbedaan temporer kena pajak dan aktiva pajaktangguhan diakui untuk perbedaan temporer yangboleh dikurangkan, sepanjang besar kemungkinandapat dimanfaatkan untuk mengurangi laba kenapajak pada masa datang.

Deferred tax assets and liabilities are recognizedfor the future tax consequences attributable todifferences between the financial statementcarrying amounts of existing assets and liabilitiesand their respective tax bases. Deferred taxliabilities are recognized for all taxable temporarydifferences and deferred tax assets are recognizedfor deductible temporary differences to the extentthat it is probable that taxable income will beavailable in future periods against which thedeductible temporary differences can be utilized.

Pajak tangguhan diukur dengan menggunakan tarifpajak yang berlaku atau secara substansial telahberlaku pada tanggal neraca. Pajak tangguhandibebankan atau dikreditkan dalam laporan labarugi, kecuali pajak tangguhan yang dibebankanatau dikreditkan langsung ke ekuitas.

Deferred tax is calculated at the tax rates that havebeen enacted or substantively enacted by thebalance sheet date. Deferred tax is charged orcredited in the statement of income, except when itrelates to items charged or credited directly toequity, in which case the deferred tax is also dealtwith in equity.

Aktiva dan kewajiban pajak tangguhan disajikan dineraca atas dasar kompensasi sesuai penyajianaktiva dan kewajiban pajak kini.

Deferred tax assets and liabilities are offset in thebalance sheet in the same manner the current taxassets and liabilities are presented.





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m. Informasi Segmen m. Segment Information

Informasi segmen disusun sesuai dengankebijakan akuntansi yang dianut dalampenyusunan dan penyajian laporan keuangan.Bentuk primer pelaporan segmen adalah segmenusaha sedangkan segmen sekunder adalahsegmen geografis.

Segment information is prepared using theaccounting principles adopted for preparing andpresenting the financial statements. The primaryreporting segment information is businesssegment, while the secondary is geographicalsegment.

Segmen usaha adalah komponen perusahaanyang dapat dibedakan dalam menghasilkan produkatau jasa individual maupun kelompok produk ataujasa terkait dan komponen itu memiliki risiko danimbalan yang berbeda dengan risiko dan imbalansegmen lain.

A business segment is a distinguishablecomponent of an enterprise that is engaged inproducing an individual product or service or agroup of related products or services and that issubject to risks and returns that are different fromthose of other segments.

Segmen geografis adalah komponen perusahaanyang dapat dibedakan dalam menghasilkan produkatau jasa pada wilayah ekonomi tertentu dankomponen itu memiliki risiko dan imbalan yangberbeda dengan risiko dan imbalan padakomponen yang beroperasi pada wilayah ekonomilain.

A geographical segment is a distinguishablecomponent of an enterprise that is engaged inproviding products or services within a particulareconomic environment and that is subject to risksand returns that are different form those ofcomponents operating in other economicenvironments.

Aktiva dan kewajiban yang digunakan bersamadalam satu segmen atau lebih dialokasikankepada setiap segmen jika, dan hanya jika,pendapatan dan beban yang terkait dengan aktivatersebut juga dialokasikan kepada segmen-segmen tersebut.

Assets and liabilities that relate jointly to two ormore segments are allocated to their respectivesegments, if and only if, their related revenues andexpense also are allocated to those segments andthe relative autonomy of those segments.

3. KAS DAN SETARA KAS 3. CASH AND CASH EQUIVALENTS

2007 2006Rp Rp

Kas 165.051.246 183.552.440 Cash on handBank Cash in banksCitibank CitibankRupiah 413.646.399 74.461.492 RupiahUS Dollar 55.148.179.915 22.896.324.975 US Dollar

Bank Negara Indonesia Bank Negara IndonesiaRupiah 2.936.782.789 1.128.848.475 RupiahUS Dollar 27.580.848.420 9.368.634.095 US Dollar

Deutsche Bank Deutsche BankUS Dollar 797.555.332 453.455.424 US DollarEuro 31.371.899.587 181.014.145 Euro

Bank Rakyat Indonesia Bank Rakyat IndonesiaRupiah 33.085.282 123.822.643 RupiahUS Dollar 568.960.817 4.558.868.736 US Dollar

Setara kas - deposito berjangka Cash equivalents - time depositspada Bank Negara Indonesia in Bank Negara IndonesiaRupiah 5.000.000.000 - RupiahUS Dollar 25.902.250.000 9.020.000.000 US Dollar

Jumlah 149.918.259.787 47.988.982.425 Total

Tingkat bunga deposito Interest rate per annumberjangka per tahun on time depositsRupiah 6,5% - 9% - RupiahUS Dollar 3,86% - 3,98% 5% - 5,2% US Dollar





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4. DEPOSITO BERJANGKA 4. TIME DEPOSITS

Akun ini merupakan deposito berjangka pada BankNegara Indonesia (BNI) yang digunakan sebagaijaminan fasilitas L/C yang diperoleh dari BNI untukimpor barang. Pada tanggal 31 Desember 2006,deposito berjangka tersebut sebesar US$ 2.300.000dan Rp 16.560.000.000 dengan tingkat bunga pertahun masing-masing sebesar 5% dan 11,25%. Padatahun 2007, Perusahaan telah menutup fasilitastersebut dan mencairkan deposito tersebut.

This account represents time deposits in Bank NegaraIndonesia (BNI) which are used as collateral for L/Cfacility from BNI for importation of goods. As ofDecember 31, 2006, these time deposits amounting toUS$ 2,300,000 and Rp 16,560,000,000 are withinterest rates per annum of 5% and 11.25%,respectively. In 2007, the Company has terminatedsuch facility and withdrawn the deposits.

5. PIUTANG USAHA 5. TRADE ACCOUNTS RECEIVABLE

2007 2006Rp Rp

a. Berdasarkan langganan a. By debtor

Pihak hubungan istimewa Related partiesPT Garuda Indonesia 147.992.523.419 77.412.780.993 PT Garuda IndonesiaPT Gapura Angkasa 7.356.379.374 3.244.858.246 PT Gapura AngkasaSubjumlah 155.348.902.793 80.657.639.239 Subtotal

Pihak ketiga Third partiesPT Adam Skyconnection Airlines 23.052.363.846 20.308.567.102 PT Adam Skyconnection AirlinesMK Arlines Limited 20.727.050.527 14.261.743.351 MK Arlines LimitedLibyan Arab Airlines 14.977.123.078 14.342.674.399 Libyan Arab AirlinesRoyal Netherland Airforce 14.831.780.838 - Royal Netherland AirforcePT Metro Batavia 14.008.594.426 2.582.836.649 PT Metro BataviaOrient Thai Airlines 10.619.618.926 7.287.197.278 Orient Thai AirlinesLainnya (masing-masing kurang Others (each below5% dari subjumlah) 96.134.899.088 114.669.301.279 5% of subtotal)

Subjumlah 194.351.430.729 173.452.320.058 SubtotalPenyisihan piutang ragu-ragu (41.856.010.791) (38.164.979.600) Allowance for doubtful accountsBersih 152.495.419.938 135.287.340.458 Net

Jumlah 307.844.322.731 215.944.979.697 Total

b. Berdasarkan umur b. By age

Belum jatuh tempo 107.087.102.007 71.459.890.052 Not yet dueJatuh tempo Past due1 - 30 hari 81.645.643.761 13.173.249.482 1 - 30 days31 - 60 hari 82.946.478.176 55.360.307.410 31 - 60 days61 - 90 hari 10.306.530.568 12.107.752.859 61 - 90 days91 - 180 hari 23.707.544.347 23.039.406.590 91 - 180 daysLebih dari 180 hari 44.007.034.662 78.969.352.904 Over 180 days

Jumlah 349.700.333.522 254.109.959.297 TotalPenyisihan piutang Allowance for doubtfulragu-ragu (41.856.010.791) (38.164.979.600) accounts

Jumlah - Bersih 307.844.322.731 215.944.979.697 Net





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c. Berdasarkan mata uang c. By currency

Rupiah 2.895.733.728 7.904.509.788 RupiahUS Dollar 331.972.818.956 246.120.817.189 US DollarSingapore Dollar 14.831.780.838 84.632.320 Singapore DollarJumlah 349.700.333.522 254.109.959.297 TotalPenyisihan piutang Allowance for doubtfulragu-ragu (41.856.010.791) (38.164.979.600) accounts

Jumlah - Bersih 307.844.322.731 215.944.979.697 Net

Mutasi penyisihan piutang ragu-ragu adalah sebagaiberikut:

Changes in the allowance for doubtful accounts are asfollows:

2007 2006Rp Rp

Saldo awal tahun 38.164.979.600 30.246.886.972 Beginning of yearPenambahan 3.691.031.191 7.918.092.628 AdditionsSaldo akhir tahun 41.856.010.791 38.164.979.600 End of year

Manajemen berpendapat bahwa penyisihan piutangragu-ragu cukup untuk menutup kerugian yangmungkin timbul dari tidak tertagihnya piutang.Perusahaan tidak membentuk penyisihan piutang ragu-ragu terhadap piutang pihak hubungan istimewa karenamanajemen berpendapat seluruh piutang tersebutdapat ditagih.

Management believes that the allowance for doubtfulreceivables is adequate to cover possible losses onuncollectible accounts. The Company does not provideallowance for doubtful accounts on receivables fromrelated parties as management believes that all suchreceivables are collectible.

Manajemen juga berpendapat bahwa tidak terdapatrisiko yang terkonsentrasi secara signifikan ataspiutang usaha pihak ketiga.

Management also believes that there is no significantconcentrations of credit risk in third party tradeaccounts receivable.

6. TAGIHAN BRUTO KEPADA PELANGGAN 6. GROSS RECEIVABLE TO CUSTOMERS

Akun ini merupakan biaya jasa pemeliharaan danperbaikan pesawat yang terjadi dan laba yang diakuiatas pelaksanaan jasa setelah dikurangi penagihan.Pada tanggal 31 Desember 2007 dan 2006, tagihanbruto kepada pelanggan masing-masing sebesarRp 130.042.810.530 dan Rp 52.224.292.619.

This account represents the cost of aircrafts repair andmaintenance services incurred and gain recognized forthe services performed, net of amount billed. As ofDecember 31, 2007 and 2006, gross receivable tocustomers amounted to Rp 130,042,810,530 andRp 52,224,292,619, respectively.

7. PERSEDIAAN 7. INVENTORIES

Akun ini merupakan persediaan suku cadang pesawat. This account represents inventory pertaining to spareparts of aircraft.

Pada tanggal 31 Desember 2007 dan 2006, persediaandiasuransikan kepada PT Asuransi Jasa Indonesiaterhadap risiko kebakaran, pencurian dan risiko lainnyadengan jumlah pertanggungan masing-masing sebesarUS$ 16,5 juta.

On December 31, 2007 and 2006, inventories wereinsured with PT Asuransi Jasa Indonesia against fire,theft and other possible risks each for US$ 16.5 million,respectively.





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8. UANG MUKA DAN BIAYA DIBAYAR DIMUKA 8. ADVANCES AND PREPAID EXPENSES

2007 2006Rp Rp

Uang muka pembelian Advances for purchase ofpersediaan 18.569.417.412 11.068.262.650 inventories

Uang muka perjalanan dinas 975.166.885 824.072.000 Advance for business tripLainnya 443.027.417 1.204.239.964 OthersJumlah 19.987.611.714 13.096.574.614 Total

9. PERSEDIAAN DALAM PERJANJIAN PERTUKARAN 9. INVENTORIES UNDER EXCHANGE AGREEMENT

Berdasarkan Perjanjian Tambahan tanggal29 September 2006, Perusahaan dan Aero Inventory(UK) Limited (AI) mengadakan perjanjian pembeliandan pertukaran suku cadang pesawat terbang denganharga keseluruhan sebesar US$ 23 juta dengan daftarharga tertentu. Dalam waktu 15 bulan sejak perjanjiantambahan, suku cadang tersebut dapat ditukar dengansuku cadang milik AI berdasarkan kualifikasiPerusahaan. Bila pertukaran tersebut tidak mungkindilakukan dengan suku cadang milik AI, mulai bulan ke16 sampai dengan bulan ke-24, AI akan mengadakansuku cadang tersebut dari pihak luar sesuai dengankebutuhan Perusahaan berdasarkan daftar harga yangsama dengan yang diperjanjikan.

Based on Side Letter dated September 29, 2006, theCompany and Aero Inventory (UK) Limited (AI) enteredinto the aircraft parts purchase and exchangeagreement for a total value of US$ 23 million at certainlist price. Within 15 months starting from the date ofSide Letter, such parts can be exchange with AI’s partsbased on the Company’s qualifications. If it is notpossible to do this completely from AI’s parts, startingfrom the sixteenth month until twenty fourth month, AIundertakes to supply parts from outside sourcessuitable for the Company’s requirements and with thesame list price as stipulated in the agreement.

Dalam hal suku cadang yang diperjanjikan hilang ataukondisi tidak dapat digunakan, AI akan mengganti sukucadang tersebut. AI juga bertanggung jawab untukmendapatkan daftar harga yang akurat atas sukucadang tersebut, untuk selanjutnya sebagai dasarpersetujuan Perusahaan. Perusahaan dan AI akanmembuat perjanjian resmi (the Materials ManagementServices Agreement) dalam waktu 30 hari setelahperjanjian tambahan ini. Perjanjian tersebut telahditandatangani kedua belah pihak pada tanggal17 Januari 2008.

In the event the parts stated in the agreement is foundto be missing or in unserviceable condition when it isrequired for use, AI will replace the parts missing orunserviceable. AI is also responsible to discover theaccurate list price of the parts involved and submitsthose prices to the Company for approval. TheCompany and AI also originally intend to enter into aformal agreement (the Materials Management ServiceAgreement) within 30 days from the date of the SideLetter. Such agreement has been signed by the bothparties on January 17, 2008.

Pada tahun 2007, Perusahaan telah menggunakanpersediaan dalam perjanjian pertukaran sebesarUS$ 8.882.676. Pada tanggal 31 Desember 2007 dan2006, saldo persediaan dalam perjanjian pertukaranmasing-masing sebesar US$ 14.117.324 danUS$ 23.000.000.

In 2007, the Company had used the inventories underthe exchange agreement amounting to US$ 8,882,676.On December 31, 2007 and 2006, balance of theinventories under exchange agreement amounted toUS$ 14,117,324 and US$ 23,000,000, respectively.





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10. AKTIVA TETAP 10. PROPERTY AND EQUIPMENT

1 Januari/ 31 Desember/January 1, Penambahan/ Pengurangan/ December 31,

2007 Additions Deduction 2007Rp Rp Rp Rp

Biaya perolehan: At cost:Peralatan dan Warehouse tools andperlengkapan bengkel 155.277.321.521 445.647.173 - 155.722.968.694 equipment

Software 2.401.506.302 2.579.259.450 - 4.980.765.752 SoftwarePeralatan kantor 16.864.154.985 12.367.402.305 - 29.231.557.290 Office equipmentJumlah 174.542.982.808 15.392.308.928 - 189.935.291.736 Total

Akumulasi penyusutan: Accumulated depreciation:Peralatan dan Warehouse tools andperlengkapan bengkel 101.233.071.211 31.430.159.465 - 132.663.230.676 equipment

Software 2.365.582.693 49.297.188 - 2.414.879.881 SoftwarePeralatan kantor 9.876.236.093 5.691.601.407 - 15.567.837.500 Office equipmentJumlah 113.474.889.997 37.171.058.060 - 150.645.948.057 Total

Jumlah Tercatat 61.068.092.811 39.289.343.679 Net Book Value

1 Januari/ 31 Desember/January 1, Penambahan/ Pengurangan/ December 31,

2006 Additions Deduction 2006Rp Rp Rp Rp

Biaya perolehan: At cost:Peralatan dan Warehouse tools andperlengkapan bengkel 151.409.532.111 3.867.789.410 - 155.277.321.521 equipment


Akumulasi penyusutan: Accumulated depreciation:Peralatan dan Warehouse tools andperlengkapan bengkel 70.514.227.915 30.718.843.296 - 101.233.071.211 equipment


Jumlah Tercatat 86.133.192.124 61.068.092.811 Net Book Value

Beban penyusutan dialokasikan sebagai berikut: Depreciation expense was allocated as follows:

2007 2006Rp Rp

Beban langsung 31.386.364.207 31.099.320.614 Direct costBeban umum dan administrasi 5.784.693.853 3.557.438.894 General and administrative expensesJumlah 37.171.058.060 34.656.759.508 Total

Pada tanggal 31 Desember 2007 dan 2006, aktivatetap telah diasuransikan terhadap risiko kebakaran,pencurian dan risiko lainnya dengan jumlahpertanggungan masing-masing sebesar Rp 177 miliar.Manajemen berpendapat bahwa nilai pertanggungantersebut cukup menutupi kemungkinan kerugian atasaktiva yang dipertanggungkan.

On December 31, 2007 and 2006, property andequipment were insured against fire, theft and otherpossible risk each for Rp 177 billion, respectively.Management believes that the insurance coverage isadequate to cover possible losses on the assetsinsured.





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Aktiva tetap Perusahaan berupa peralatan danperlengkapan bengkel sebesar Rp 23.306.600.000dijadikan sebagai jaminan hutang PT GarudaIndonesia, pemegang saham, kepada Bank Mandiri(Catatan 21).

The Company’s warehouse tools and equipmentamounting to Rp 23,306,600,000 were used ascollateral for loan obtained from Bank Mandiri byPT Garuda Indonesia, a stockholder (Note 21).

11. HUTANG USAHA 11. TRADE ACCOUNTS PAYABLE

2007 2006Rp Rp

a. Berdasarkan langganan a. By supplierPihak hubungan Istimewa Related partiesPT Garuda Indonesia 157.515.980.636 177.310.772.993 PT Garuda IndonesiaPT Mandira Erajasa Wahana 4.727.569.291 5.479.222.651 PT Mandira Erajasa WahanaPT Gapura Angkasa 8.492.232.239 3.455.861.239 PT Gapura AngkasaPT Aerowisata Catering Service 331.867.322 1.783.296.950 PT Aerowisata Catering ServicePT Aero Jasa Perkasa - 162.146.420 PT Aero Jasa PerkasaPT Satriavi 9.831.196 100.493.660 PT SatriaviSubjumlah 171.077.480.684 188.291.793.913 Subtotal

Pihak ketiga Third partiesChromalloy Holland B.V. 37.087.111.575 637.890.727 Chromalloy Holland B.V.Aero Inventory (UK) Limited 17.423.252.247 8.612.785.450 Aero Inventory (UK) LimitedChromalloy Thailand Ltd. 6.212.260.924 8.946.635.650 Chromalloy Thailand Ltd.CFM International Inc. - 37.153.832.894 CFM International Inc.Lainnya (masing-masing Others (each less thankurang dari 5% dari jumlah 5% of total tradehutang usaha) 116.643.654.550 76.636.843.247 accounts payable)

Subjumlah 177.366.279.296 131.987.987.968 SubtotalJumlah 348.443.759.980 320.279.781.881 Total

b. Berdasarkan mata uang b. By currency

Rupiah 110.311.537.867 139.533.400.010 US DollarUS Dollar 180.638.134.316 135.162.518.199 RupiahSingapore Dollar 21.535.047.706 21.242.897.070 Singapore DollarCHF 12.492.452.440 1.865.213.461 AUDAUD 7.680.474.058 6.039.938.751 EuroGBP 2.954.583.566 464.805.675 HKDHKD 2.873.541.885 4.257.695.039 SARSAR 2.866.277.818 2.992.092.596 YenYen 1.997.720.414 2.695.371.383 CHFMYR 1.533.289.074 572.151.328 CNYEuro 1.251.547.957 4.446.880.728 MYRCNY 1.210.858.148 788.184.656 GBPTHB 990.833.180 20.720.245 THBLainnya 107.461.551 197.912.740 OthersJumlah 348.443.759.980 320.279.781.881 Total





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12. HUTANG LAIN-LAIN 12. OTHER ACCOUNTS PAYABLE

2007 2006Rp Rp

Pihak hubungan istimewa Related partyUang jaminan pelanggan (Catatan 21) 81.007.725.111 13.856.587.051 Customer deposit payment (Note 21)

Pihak ketiga Third partiesAsuransi dan dana pensiun 20.748.893.228 20.250.166.260 Insurance and pension planUang jaminan pelanggan 12.963.234.670 1.983.647.354 Customer deposit paymentPembelian aktiva tetap - 1.162.321.282 Purchase of property and equipmentSubjumlah 33.712.127.898 23.396.134.896 Subtotal

Jumlah 114.719.853.009 37.252.721.947 Total

13. HUTANG PAJAK 13. TAXES PAYABLE

2007 2006Rp Rp

Pajak penghasilan badan Corporate income tax(Catatan 18) 9.070.792.285 588.143.299 (Note 18)

Pajak penghasilan Income taxPasal 21 10.563.086.077 6.139.870.369 Article 21Pasal 23 710.438.644 815.970.463 Article 23Pasal 25 1.158.292.242 1.036.111.174 Article 25Pasal 26 58.188.750 74.602.733 Article 26

Pajak pertambahan nilai 5.929.579.377 6.047.725.878 Value added tax - netJumlah 27.490.377.375 14.702.423.916 Total

14. MODAL SAHAM 14. CAPITAL STOCK

Jumlah Persentase Jumlah modalsaham/ kepemilikan/ disetor/

Number of Percentage of Total paid-upNama pemegang saham/Name of stockholder shares ownership capital stock

RpPT Garuda Indonesia 658.944 99% 164.736.000.000PT Aero Wisata 6.656 1% 1.664.000.000Jumlah/Total 665.600 100% 166.400.000.000

2007 dan/and 2006

15. PENDAPATAN USAHA 15. REVENUE

2007 2006Rp Rp

Jasa pemeliharaan dan Aircrafts maintenance andperbaikan pesawat 1.375.541.077.228 1.089.016.927.287 repair services

Jasa penyewaan peralatan 512.557.871 4.903.384.561 Tools and equipment rentalJasa engineering lainnya 5.001.903.876 9.155.680.039 Other engineering servicesJumlah 1.381.055.538.975 1.103.075.991.887 Total





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62% dan 71% dari jumlah pendapatan usaha berasaldari pihak hubungan istimewa masing-masing untuktahun 2007 dan 2006 (Catatan 21).

62% and 71% of the above revenues were derived fromrelated parties in 2007 and 2006, respectively(Note 21).

Pendapatan usaha melebihi 10% dari jumlahpendapatan usaha berasal dari PT Garuda Indonesiasebesar Rp 849.686.390.840 dan Rp 771.551.023.783masing-masing untuk tahun 2007 dan 2006.

Revenue which constituted more than 10% of the totalrevenue was derived from PT Garuda Indonesia whichamounted to Rp 849,686,390,840 andRp 771,551,023,783 in 2007 and 2006, respectively.

16. BEBAN LANGSUNG 16. DIRECT COST

2007 2006Rp Rp

Suku cadang 481.038.940.599 269.071.446.982 Spare partsGaji dan tunjangan 240.203.202.985 225.251.683.952 Salaries and allowancesSubkontrak 146.464.693.548 93.501.736.222 Outsourcing costJasa teknis dan Technical and ground handlingpenunjang penerbangan 48.106.560.847 44.868.063.056 services

Sewa 39.518.279.926 40.645.553.597 RentalPenyusutan 31.386.364.207 31.099.320.614 DepreciationPerjalanan dinas 30.649.187.039 32.122.937.509 Business travelInsentif 28.186.303.957 18.202.814.594 IncentiveKurir dan pengiriman 27.048.447.639 24.580.899.530 Courier and freightPemeliharaan dan perbaikan 15.245.364.504 15.932.050.812 Maintenance and repairsImbalan kerja (Catatan 20) 11.270.537.863 9.706.433.724 Employment benefits (Note 20)Bahan bakar 10.066.107.013 4.661.200.421 FuelJamsostek 3.722.363.550 4.159.780.399 JamsostekTunjangan makan dan minum 2.236.935.936 478.624.500 Meal allowancesAsuransi 1.244.821.669 1.803.074.467 InsurancePelatihan 955.525.291 3.346.486.592 Training and recruitmentLainnya 8.593.739.226 2.872.003.207 OthersJumlah 1.125.937.375.799 822.304.110.178 Total

7% dari jumlah pembelian suku cadang dilakukandengan pihak hubungan istimewa untuk tahun 2006(Catatan 21). Pada tahun 2007, seluruh pembeliansuku cadang dilakukan dengan pihak ketiga.

7% of the total purchases of spare parts were madefrom related parties in 2006 (Note 21). In 2007, allpurchases of spare parts were made from third parties.

Pembelian suku cadang yang melebihi 10% dari jumlahpembelian untuk tahun 2007 dan 2006 adalah sebagaiberikut:

Purchases of spare parts which constituted more than10% of the total purchases in 2007 and 2006,respectively, are as follows:

2007 2006Rp Rp

Chromalloy Thailand Ltd 47.398.751.165 12.507.833.871 Chromalloy Thailand LtdCFM International Inc 49.911.323.065 69.957.819.115 CFM International IncJumlah 97.310.074.230 82.465.652.986 Total





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17. BEBAN USAHA 17. OPERATING EXPENSES

a. Penjualan a. Selling

2007 2006Rp Rp

Keagenan 9.688.270.512 6.542.876.026 AgencyIklan dan promosi 2.990.672.037 2.433.743.944 AdvertisingGaji dan tunjangan 2.340.119.845 2.070.902.518 Salaries and allowancesPerjalanan dinas 1.492.203.872 1.374.286.083 Business tripRepresentasi dan jamuan 811.534.263 1.123.926.818 Representation and entertainmentImbalan kerja (Catatan 20) 226.041.555 87.174.214 Employment benefits (Note 20)Lainnya 214.579.360 303.741.646 OthersJumlah 17.763.421.444 13.936.651.249 Total

b. Umum dan Administrasi b. General and Administrative

2007 2006Rp Rp

Gaji dan tunjangan 52.636.591.790 47.997.529.964 Salaries and allowancesImbalan kerja (Catatan 20) 39.397.523.325 41.958.905.983 Employment benefits (Note 20)Listrik, air dan telepon 20.465.923.186 21.525.680.073 Electricity, water and telephoneSewa 19.174.555.003 23.048.736.642 RentalInsentif 8.353.597.322 5.990.798.195 IncentiveKurir 6.926.597.735 5.541.278.188 CourierJasa profesi 6.128.851.259 7.901.511.247 Professional feesPenyusutan 5.784.693.853 3.557.438.894 DepreciationAsuransi 5.462.690.123 9.297.998.128 InsurancePerjalanan dinas 4.755.685.924 3.556.706.939 Business travelBeban piutang ragu-ragu Provision for doubtful accounts(Catatan 5) 3.691.031.191 7.918.092.628 (Note 5)

Alat tulis kantor 3.362.811.739 2.471.551.978 Office suppliesPelatihan 1.522.230.806 975.342.544 TrainingJamsostek 1.046.569.795 985.628.197 JamsostekLainnya 5.312.899.177 3.897.264.808 OthersJumlah 184.022.252.228 186.624.464.408 Total

18. PAJAK PENGHASILAN 18. INCOME TAX

Beban (manfaat) pajak Perusahaan terdiri dari: The Company’s tax expense (benefit) consists of:

2007 2006Rp Rp

Pajak kini 34.362.246.200 31.483.114.400 Current taxPajak tangguhan (11.121.246.116) (13.246.485.060) Deferred taxBeban pajak - bersih 23.241.000.084 18.236.629.340 Tax expense - net





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Pajak Kini Current Tax

Rekonsiliasi antara laba sebelum pajak menurutlaporan laba rugi dengan laba kena pajak adalahsebagai berikut:

A reconciliation between income before tax perstatements of income and taxable income is as follows:

2007 2006Rp Rp

Laba sebelum pajak Income before tax permenurut laporan laba rugi 74.556.139.008 58.618.233.763 statements of income

Perbedaan temporer Temporary differenceImbalan kerja 21.251.129.000 25.678.759.000 Employment benefitsBeban piutang ragu-ragu 3.691.031.191 7.918.092.628 Provision for doubtful accountsPenyusutan 12.128.660.195 10.558.098.572 DepreciationJumlah 37.070.820.386 44.154.950.200 Total

Perbedaan yang tidak dapat Nondeductible expensediperhitungkan secara fiskal (nontaxable income)Representasi dan jamuan 5.024.640.104 2.196.851.971 Representation and entertainmentPenghasilan bunga (2.635.296.056) (652.873.501) Interest incomeLainnya 582.851.557 684.886.419 OthersJumlah 2.972.195.605 2.228.864.889 Total

Laba kena pajak 114.599.154.999 105.002.048.852 Taxable income

Perhitungan beban dan hutang pajak kini adalahsebagai berikut:

Current tax expense and income tax payable arecomputed as follows:

2007 2006Rp Rp

Beban pajak kini Current tax expense10% x Rp 50.000.000 5.000.000 5.000.000 10% x Rp 50,000,00015% x Rp 50.000.000 7.500.000 7.500.000 15% x Rp 50,000,00030% x Rp 114.499.154.000 30% x Rp 114,499,154,00030% x tahun 2007 dan in 2007 and30% x Rp 104.902.048.000 Rp 104,902,048,000

tahun 2006 34.349.746.200 31.470.614.400 in 2006Jumlah 34.362.246.200 31.483.114.400 Total

Pajak penghasilan Prepayment ofdibayar dimuka income taxesFiskal luar negeri (341.500.000) (355.000.000) Fiscal exitPasal 23 (10.140.381.100) (18.106.637.013) Article 23Pasal 25 (14.809.572.815) (12.433.334.088) Article 25

Hutang pajak kini 9.070.792.285 588.143.299 Current tax payable

Laba kena pajak dan hutang pajak kini Perusahaantahun 2006 sudah sesuai dengan Surat PemberitahuanPajak (SPT) yang disampaikan ke Kantor PelayananPajak.

Taxable income and current tax payable of theCompany for 2006 are in accordance with the corporatetax returns filed with the Tax Service Office.





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Pajak Tangguhan Deferred Tax

Aktiva pajak tangguhan Perusahaan adalah sebagaiberikut:

The Company’s deferred tax assets are as follows:

Dikreditkan Dikreditkanke laporan ke laporanlaba rugi/ laba rugi/

1 Januari/ Credited to 31 Desember/ Credited to 31 Desember/January 1, income for December 31, income for December 31,

2006 the year 2006 the year 2007Rp Rp Rp Rp Rp

Penyisihan piutang Allowance for doubtfulragu-ragu 9.074.066.092 2.375.427.788 11.449.493.880 1.107.309.358 12.556.803.238 accounts

Kewajiban Employment benefitsimbalan kerja 14.828.009.700 7.703.627.700 22.531.637.400 6.375.338.700 28.906.976.100 obligations

Aktiva tetap 1.118.151.508 3.167.429.572 4.285.581.080 3.638.598.058 7.924.179.138 Property and equipmentAktiva pajak Deferred tax

tangguhan 25.020.227.300 13.246.485.060 38.266.712.360 11.121.246.116 49.387.958.476 assets

Rekonsiliasi antara beban pajak dan hasil perkalianlaba akuntansi sebelum pajak dengan tarif pajak yangberlaku adalah sebagai berikut:

A reconciliation between the tax expense and theamount computed by applying the effective tax rates toincome before tax is as follows:

2007 2006Rp Rp

Laba sebelum pajak Income before tax permenurut laporan laba rugi 74.556.139.008 58.618.233.763 statements of income

Beban pajak sesuai Tax expense attarif pajak yang berlaku effective tax rates10% x Rp 50.000.000 5.000.000 5.000.000 10% x Rp 50,000,00015% x Rp 50.000.000 7.500.000 7.500.000 15% x Rp 50,000,00030% x Rp 74.456.139.008 30% x Rp 74,456,139,008tahun 2007 dan in 2007 andRp 58.518.233.763 tahun 2006 22.336.841.702 17.555.470.129 Rp 58,518,233,763 in 2006

Jumlah 22.349.341.702 17.567.970.129 Total

Pengaruh pajak atas perbedaanyang tidak dapat diperhitungkan Tax effect of nondeductiblesecara fiskal expense (nontaxable income)Representasi dan jamuan 1.507.392.031 659.055.591 Representation and entertainmentPenghasilan bunga (790.588.817) (195.862.050) Interest incomeLainnya 174.855.168 205.465.670 OthersJumlah 891.658.382 668.659.211 Total

Jumlah beban pajak 23.241.000.084 18.236.629.340 Tax expense

19. CADANGAN UMUM 19. GENERAL RESERVE

Berdasarkan rapat umum pemegang saham tahunanPerusahaan tanggal 2 Juni 2006, para pemegangsaham menetapkan cadangan umum sebesar 20% darimodal ditempatkan, dilakukan dalam selama 10 tahundari tahun 2005 sampai dengan tahun 2014 dengancadangan sebesar Rp 3.328.000.000 per tahun.

Based on the annual stockholders meeting ofthe Company held on June 2, 2006, the stockholdersestablish a general reserve of 20% of issued capitalstock, allocated in 10 years from 2005 until 2014 withyearly reserves amounted to Rp 3,328,000,000.





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20. IMBALAN KERJA 20. EMPLOYMENT BENEFITS

a. Imbalan Pasca-kerja a. Post-employment Benefits

Program Iuran Pasti Defined Contribution Plan

Perusahaan menyelenggarakan program pensiuniuran pasti untuk seluruh karyawan tetapnya.Program pensiun tersebut dikelola oleh DanaPensiun Garuda Indonesia (DPGA), yang aktapendiriannya telah disahkan oleh MenteriKeuangan Republik Indonesia dengan SuratKeputusan No. KEP-403/KM.17/1999 tanggal15 Nopember 1999. Iuran dana pensiun berjumlah7,5% dari gaji dasar karyawan dimana sebesar 2%ditanggung karyawan dan sisanya ditanggungPerusahaan.

The Company established a defined contributionpension plan for all its permanent employees. Thepension plan is managed by Dana Pensiun GarudaIndonesia (DPGA), whose deed of establishmentwas approved by the Minister of Finance of theRepublic of Indonesia in his Decision LetterNo. KEP-403/KM.17/1999 dated November 15,1999. The pension fund contributions areequivalent to 7.5% of employees’ base salarieswherein 2% are assumed by the employees andthe difference is assumed by the Company.

Beban pensiun iuran pasti sebesarRp 9.756.092.683 tahun 2007 danRp 7.082.028.275 tahun 2006 dicatat sebagaibeban langsung dan beban usaha.

Pension expense amounting to Rp 9,756,092,683in 2007 and Rp 7,082,028,275 in 2006 wasrecorded as direct cost and operating expenses.

Perusahaan juga menyelenggarakan programpemeliharaan kesehatan bagi pensiunan dankeluarganya yang memenuhi syarat. Program inididanai melalui kontribusi Perusahaan sebesar 4%dan iuran karyawan sebesar 2% dari gaji dasarkaryawan yang bersangkutan, dan dikelola olehYayasan Kesejahteraan Pegawai GarudaIndonesia (YKPGA).

The Company also provides a post retirementhealthcare plan for all its pensioners and theireligible dependants. This plan is funded bycontribution from the Company of 4% andcontribution from employees of 2% of their basicsalary, and managed by Yayasan KesejahteraanPegawai Garuda Indonesia (YKPGA).

Beban iuran pemeliharaan kesehatan sebesarRp 8.500.428.022 tahun 2007 danRp 5.168.433.646 tahun 2006 dicatat sebagaibeban langsung dan beban usaha.

Healthcare expense amounting toRp 8,500,428,022 in 2007 and Rp 5,168,433,646in 2006 was recorded as direct cost and operatingexpenses.

Program Imbalan Pasti Defined Benefit Plan

Perusahaan juga memberikan imbalan kepadakaryawan yang memenuhi persyaratan sesuaidengan kebijakan Perusahaan yang didasarkanpada Undang-undang Ketenagakerjaan No. 13Tahun 2003. Jumlah karyawan tahun 2007 dan2006 yang berhak atas imbalan tersebut masing-masing adalah 2.345 karyawan dan2.394 karyawan. Tidak terdapat pendanaan yangdisisihkan oleh Perusahaan sehubungan denganImbalan kerja ini.

The Company also provides benefits to itsqualifying employees in accordance with theCompany’s policies based on Labor Law No. 13Year 2003. The number of employees in 2007 and2006 entitled to the benefits are 2,345 employeesand 2,394 employees, respectively. No funding hasbeen made to this defined benefit plan.

b. Imbalan Kerja Jangka Panjang Lain b. Other Long-term Benefits

Perusahaan memberikan imbalan kerja jangkapanjang lain berupa penghargaan kepadakaryawan yang telah bekerja selama 20 tahun(penghargaan masa bakti) sesuai dengankebijakan Perusahaan. Jumlah karyawan tahun2007 dan 2006 yang berhak atas imbalan tersebutmasing-masing adalah 2.345 karyawan dan 2.394karyawan. Tidak terdapat pendanaan yangdisisihkan oleh Perusahaan sehubungan denganimbalan kerja ini.

The Company provides other long-term benefits inform of award to its employees who have alreadyrendered 20 years of service (long service award)in accordance with the Company’s policies. Thenumber of employees in 2007 and 2006 entitled tothe beneftis are 2,345 employees and 2,394employees, respectively. No funding has beenmade in connection with this employee.





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Pada tahun 2007 dan 2006, perhitungan imbalan kerjadihitung oleh PT Eldridge Gunaprima Solution, aktuarisindependen, dengan menggunakan asumsi utamasebagai berikut:

In 2007 and 2006, the cost of providing employeebenefits is calculated by PT Eldridge GunaprimaSolution, an independent actuary, using the followingkey assumptions:

Tingkat diskonto 10% tahun/in 2007 dan/and Discount rate10,5% tahun/ in 2006

Tingkat kenaikan gaji 7% Future salary increment rateTingkat kematian TMII tahun/in 2007 dan/and Mortality rate

CSO 1980 tahun/in 2006Tingkat cacat 10% dari tingkat kematian/ Disability rate

10% of mortality rateTingkat pengunduran diri 5% usia 25 tahun menurun secara Resignation rate

garis lurus sampai 1% usia 46 tahundan 1% usia diatas 46 tahun/

5% at age 25 and decreasing linearlyto 1% at age 46 and 1% thereafter

Tingkat pensiun normal 56 tahun/56 years Normal retirement rate

Jumlah yang dibebankan atas imbalan kerja selainprogram iuran pasti adalah sebagai berikut:

The amounts recognized in statements of incomearising from the employment benefits other thandefined contributions, were as follows:

Program imbalan Imbalan kerja jangkapasti/ panjang lainnya/

Defined benefit Other long-term Jumlah/plan benefits TotalRp Rp Rp

Biaya jasa kini 10.293.230.000 1.396.534.000 11.689.764.000 Current service costBeban bunga 20.806.714.000 2.246.860.000 23.053.574.000 Interest costBiaya jasa lalu 6.307.757.000 - 6.307.757.000 Past service costKerugian aktuarial bersih - 1.008.127.000 1.008.127.000 Net actuarial lossesBiaya terminasi 2.419.133.000 - 2.419.133.000 Termination costBunga ditanggung Interest charged toPT Garuda Indonesia (5.463.482.000) (1.610.547.000) (7.074.029.000) PT Garuda Indonesia

Jumlah 34.363.352.000 3.040.974.000 37.404.326.000 Total

2007



Biaya jasa kini 9.760.317.000 1.494.431.000 11.254.748.000 Current service costBeban bunga 20.651.478.000 2.186.214.000 22.837.692.000 Interest costBiaya jasa lalu 5.346.055.000 - 5.346.055.000 Past service costKerugian aktuarial bersih - 3.202.265.000 3.202.265.000 Net actuarial lossesBiaya terminasi 3.583.220.000 - 3.583.220.000 Termination costBunga ditanggung Interest charged toPT Garuda Indonesia (5.191.544.000) (1.530.384.000) (6.721.928.000) PT Garuda Indonesia

Jumlah 34.149.526.000 5.352.526.000 39.502.052.000 Total

2006





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Kewajiban imbalan kerja selain program iuran pastiadalah sebagai berikut:

The amounts included in the balance sheet arising fromthe employment benefits obligation other than definedcontribution are as follows:



Nilai kini kewajiban tanpa Present value of unfundedpendanaan 227.158.377.000 23.411.261.000 250.569.638.000 obligations

Biaya jasa lalu Unrecognized pastbelum diakui (29.357.240.000) - (29.357.240.000) service cost

Kerugian aktuarial Unrecognizedbelum diakui (47.041.490.000) - (47.041.490.000) actuarial losses

Kewajiban ditanggung oleh Liability assumed byPT Garuda Indonesia (60.098.304.000) (17.716.016.000) (77.814.320.000) PT Garuda Indonesia

Kewajiban bersih 90.661.343.000 5.695.245.000 96.356.588.000 Net liability

2007



Nilai kini kewajiban tanpa Present value of unfundedpendanaan 208.410.381.000 23.812.511.000 232.222.892.000 obligations

Biaya jasa lalu Unrecognized pastbelum diakui (32.615.536.000) - (32.615.536.000) service cost

Kerugian aktuarial Unrecognizedbelum diakui (53.761.607.000) - (53.761.607.000) actuarial losses

Kewajiban ditanggung oleh Liability assumed byPT Garuda Indonesia (54.634.822.000) (16.105.469.000) (70.740.291.000) PT Garuda Indonesia

Kewajiban bersih 67.398.416.000 7.707.042.000 75.105.458.000 Net liability

2006

Sebagian karyawan Perusahaan berasal dari karyawanPT Garuda Indonesia. Sehubungan denganperpindahan karyawan tersebut, biaya jasa lalu padasaat sebelum perpindahan merupakan tanggung jawabPT Garuda Indonesia dan dicatat sebagai pengurangkewajiban Perusahaan.

Some of the Company’s employees were fromPT Garuda Indonesia. In relation to the transferredemployees, past service cost before the transfer wasthe responsibility of PT Garuda Indonesia and wererecorded as deduction to the Company’s obligations.

Mutasi kewajiban imbalan kerja selain program iuranpasti adalah sebagai berikut:

Movements in the net liability other than definedcontribution are as follows:



Saldo awal tahun 67.398.416.000 7.707.042.000 75.105.458.000 At beginning of yearBeban tahun Amounts chargedberjalan 34.363.352.000 3.040.974.000 37.404.326.000 to operations

Imbalan dibayar Benefit paidtahun berjalan (11.100.426.000) (5.052.771.000) (16.153.197.000) during the year

Saldo akhir tahun 90.661.342.000 5.695.245.000 96.356.587.000 At end of year

2007





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Saldo awal tahun 44.632.741.000 4.793.958.000 49.426.699.000 At beginning of yearBeban tahun Amounts chargedberjalan 34.149.526.000 5.352.526.000 39.502.052.000 to operations

Imbalan dibayar Benefit paidtahun berjalan (11.383.851.000) (2.439.442.000) (13.823.293.000) during the year

Saldo akhir tahun 67.398.416.000 7.707.042.000 75.105.458.000 At end of year

2006

21. SIFAT DAN TRANSAKSI HUBUNGAN ISTIMEWA 21. NATURE OF RELATIONSHIP AND TRANSACTIONSWITH RELATED PARTIES

Sifat Hubungan Istimewa Nature of Relationship

a. PT Garuda Indonesia dan PT Aero Wisata adalahpemegang saham Perusahaan.

a. PT Garuda Indonesia and PT Aero Wisata are thestockholders of the Company.

b. Pemegang saham utama PT Gapura Angkasadan PT Aero Wisata sama dengan pemegangsaham utama Perusahaan.

b. The majority stockholder of PT Gapura Angkasaand PT Aero Wisata has the same majoritystockholder as the Company.

c. Pemegang saham utama PT Mandira ErajasaWahana, PT Aerowisata Catering Service,PT Aero Jasa Perkasa dan PT Satriavi adalahPT Aero Wisata.

c. The majority stockholder of PT Mandira ErajasaWahana, PT Aerowisata Catering Service,PT Aero Jasa Perkasa and PT Satriavi is PT AeroWisata.

Transaksi Hubungan Istimewa Transactions with Related Parties

Dalam kegiatan usahanya, Perusahaan melakukantransaksi tertentu dengan pihak-pihak yang mempunyaihubungan istimewa, yang meliputi antara lain:

In the normal course of business, the Company enteredinto certain transactions with related parties, includingthe following:

a. Pendapatan usaha dari pihak hubungan istimewasebesar 62% dan 71% dari pendapatan usahamasing-masing untuk tahun 2007 dan 2006. Padatanggal 31 Desember 2007 dan 2006, piutangatas pendapatan tersebut dicatat sebagai bagiandari piutang usaha masing-masing sebesarRp 155.348.902.793 dan Rp 80.657.639.239(Catatan 5) dan sebagai tagihan bruto kepadapelanggan masing-masing sebesarRp 110.280.616.160 dan Rp 52.224.292.619(Catatan 6).

a. Revenue from related parties amounted to 62%and 71% of total revenue for 2007 and 2006,respectively. On December 31, 2007 and 2006,the receivables from these revenues werepresented as part of trade accounts receivableamounting to Rp 155,348,902,793 andRp 80,657,639,239 respectively (Note 5) and aspart of gross receivable to customers amountingto Rp 110,280,616,160 and Rp 52,224,292,619respectively (Note 6).

Rincian pendapatan usaha dari pihak hubunganistimewa sebagai berikut:

The details of revenue from related parties are asfollows:

2007 2006Rp Rp

PT Garuda Indonesia 849.686.390.840 771.551.023.783 PT Garuda IndonesiaPT Gapura Angkasa 6.691.726.236 6.356.621.425 PT Gapura AngkasaJumlah 856.378.117.076 777.907.645.208 Total





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b. Pembelian suku cadang dari PT GarudaIndonesia sebesar Rp 19.240.451.743 atau 7%dari jumlah pembelian pada tahun 2006.Perusahaan juga mempunyai transaksi usahalainnya dengan PT Garuda Indonesia meliputipenyewaan peralatan operasi dan software,pembayaran lebih dahulu biaya-biaya Perusahaanantara lain sewa ruangan dan tanah, listrik,telepon, air, asuransi, dan imbalan kerja. Selainitu, Perusahaan juga mempunyai transaksidengan PT Mandira Erajasa Wahana, PT GapuraAngkasa, PT Aerowisata Catering Service,PT Aero Jasa Perkasa dan PT Satriavi dalam halsewa kendaraan, jasa penunjang penerbangan,jasa boga, kargo dan jasa perhotelan.

b. Purchases of spare parts from PT GarudaIndonesia amounted to Rp 19,240,451,743 or 7%of total purchase in 2006. The Company alsoentered into other trade transactions withPT Garuda Indonesia consisting of rental ofoperational equipment and software, advancepayments of the Company’s expenses includingrental of offices and land, electricity, telephone,water, insurance, and employment benefits.Further, the Company also has transactions withPT Mandira Erajasa Wahana, PT GapuraAngkasa, PT Aerowisata Catering Service,PT Aero Jasa Perkasa and PT Satriavi regardingrental of vehicle, ground handling services,catering services, cargo and hotel services.

Pada tanggal 31 Desember 2007 dan 2006hutang yang timbul dari transaksi dengan pihakhubungan istimewa dicatat sebagai bagian darihutang usaha (Catatan 11), dengan rinciansebagai berikut:

On December 31, 2007 and 2006, the liabilitiesfrom transactions with related parties werepresented as part of trade accounts payable(Note 11), with details as follows:

2007 2006Rp Rp

Hutang sewa peralatan, Payable for rental ofsoftware dan biaya tool equipment, software andoperasional 129.335.403.705 122.883.843.860 operational expenses

Hutang pembelian Payable for inventoriespersediaan 28.180.576.931 54.426.929.133 purchased

Hutang jasa penunjang Payable for ground handlingpenerbangan 8.492.232.239 3.455.861.239 services

Hutang sewa kendaraan 4.727.569.291 5.479.222.651 Payable for rental of vehicleHutang jasa boga 331.867.322 1.783.296.950 Payable for catering servicesHutang kargo - 162.146.420 Payable for cargo expensesHutang jasa perhotelan 9.831.196 100.493.660 Payable for hotel servicesJumlah 171.077.480.684 188.291.793.913 Total

c. Perusahaan menerima uang jaminan pelanggandari PT Garuda Indonesia untuk jasapemeliharaan dan perbaikan pesawat. Padatanggal 31 Desember 2007 dan 2006, uangjaminan tersebut dicatat sebagai hutang lain-lainmasing-masing sebesar US$ 8.600.459(ekuivalen Rp 81.007.725.111) danUS$ 1.536.207 (ekuivalen Rp 13.856.587.051)(Catatan 12).

c. The Company obtained customer depositpayment from PT Garuda Indonesia for aircraftsmaintenance and repair services. OnDecember 31, 2007 and 2006, the customerdeposit was recorded as other accounts payablewhich amounted to US$ 8,600,459 (equivalent toRp 81,007,725,111) and US$ 1,536,207(equivalent to Rp 13,856,587,051), respectively(Note 12).

d. Pada tahun 2005, Perusahaan menerimapenjadualan ulang pembayaran hutang usahakepada PT Garuda Indonesia sebesarRp 91.121.755.831, diangsur selama 10 tahundan tanpa bunga. Pembayaran dimulai tahun2006 dengan memperhitungkan tagihanpendapatan usaha kepada PT Garuda Indonesia.Pada tanggal 31 Desember 2007 dan 2006,hutang ini dicatat sebagai hutang kepada pihakhubungan istimewa masing-masing sebesarRp 72.980.381.866 dan Rp 82.009.580.282.

d. In 2005, the Company obtained a paymentreschedule for trade acccounts payable toPT Garuda Indonesia amounting toRp 91,121,755,831 payable in 10 year installment,and bears no interest. The payments beginin 2006 by off-setting revenue collections fromPT Garuda Indonesia. On December 31, 2007and 2006, the payable was recorded as due to arelated party which amounted toRp 72,980,381,866 and Rp 82,009,580,282,respectively.





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e. Berdasarkan akta No. 28 tanggal 6 Nopember2003 dari Notaris Sutjipto, SH, aktiva tetapPerusahaan berupa peralatan dan perlengkapanbengkel sebesar Rp 23.306.600.000 dijadikansebagai jaminan hutang PT Garuda Indonesia,pemegang saham, kepada Bank Mandiri(Catatan 10).

e. Based on deed No. 28 dated November 6, 2003of Notary Sutjipto, SH, the Company’s warehousetools and equipment amounting toRp 23,306,600,000 were used as collateral forloan obtained from Bank Mandiri by PT GarudaIndonesia, a stockholder (Note 10).

22. INFORMASI SEGMEN 22. SEGMENT INFORMATION

Segmen Usaha Business Segment

Untuk tujuan pelaporan manajemen, saat iniPerusahaan dibagi dalam dua kelompok segmen yaitusegmen jasa pemeliharaan dan perbaikan pesawat,dan segmen jasa lainnya. Segmen tersebut menjadidasar pelaporan informasi segmen primer Perusahaan.

For management purposes, the Company is currentlyorganized into two segments – aircraft maintenanceand repair services, and other services. Thesesegments are the basis on which the Company reportits primary segment information.

Informasi segmen usaha Perusahaan adalah sebagaiberikut:

Segment information of the Company is as follows:

Jasa pemeliharaandan perbaikan Jasapesawat/Aircraft lainnya/maintenance and Other Jumlah/repair services services Total

Rp Rp Rp

PENDAPATAN USAHA 1.375.541.077.228 5.514.461.747 1.381.055.538.975 REVENUE

HASIL RESULTHasil segmen 255.118.163.176 Segment resultBeban usaha (201.785.673.672) Operating expensesLaba operasi 53.332.489.504 Profit from operationsPenghasilan bunga 2.635.296.056 Interest incomeBeban keuangan (484.149.511) Financial chargesKeuntungan kurs mata Gain on foreign

uang asing - bersih 18.551.846.826 exchange - netLain-lain - bersih 520.656.133 Others - netLaba sebelum pajak 74.556.139.008 Income before taxBeban pajak (23.241.000.084) Tax expenseLaba bersih 51.315.138.924 Net income

INFORMASI LAINNYA OTHER INFORMATIONAKTIVA ASSETSAktiva segmen 823.589.859.429 7.356.379.374 830.946.238.803 Segment assetsAktiva tidak dapat dialokasi 199.306.218.263 Unallocated assetsJumlah Aktiva 823.589.859.429 7.356.379.374 1.030.252.457.066 Total Assets

KEWAJIBAN LIABILITIESKewajiban segmen 510.335.665.014 5.059.436.613 515.395.101.627 Segment liabilitiesKewajiban tidak dapat dialokasi 155.419.612.274 Unallocated liabilitiesJumlah Kewajiban 510.335.665.014 5.059.436.613 670.814.713.901 Total Liabilities

Pengeluaran modal 15.392.308.928 Capital expendituresPenyusutan 37.171.058.060 DepreciationBeban non kas selain Non-cash expenses other

penyusutan 41.095.357.191 than depreciation

2007





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Jasa pemeliharaandan perbaikan Jasapesawat/Aircraft lainnya/maintenance and Other Jumlah/repair services services Total

Rp Rp Rp

PENDAPATAN USAHA 1.089.016.927.287 14.059.064.600 1.103.075.991.887 REVENUE

HASIL RESULTHasil segmen 280.771.881.709 Segment resultBeban usaha (200.561.115.657) Operating expensesLaba operasi 80.210.766.052 Profit from operationsPenghasilan bunga 652.873.501 Interest incomeBeban keuangan (1.035.813.588) Financial chargesKerugian kurs mata Loss on foreign

uang asing - bersih (21.051.676.600) exchange - netLain-lain - bersih (157.915.602) Others - netLaba sebelum pajak 58.618.233.763 Income before taxBeban pajak (18.236.629.340) Tax expenseLaba bersih 40.381.604.423 Net income

INFORMASI LAINNYA OTHER INFORMATIONAKTIVA ASSETSAktiva segmen 758.271.869.420 3.357.737.005 761.629.606.425 Segment assetsAktiva tidak dapat dialokasi 86.255.694.785 Unallocated assetsJumlah Aktiva 758.271.869.420 3.357.737.005 847.885.301.210 Total Assets

KEWAJIBAN LIABILITIESKewajiban segmen 411.867.251.829 7.424.666.021 419.291.917.850 Segment liabilitiesKewajiban tidak dapat dialokasi 120.470.779.119 Unallocated liabilitiesJumlah Kewajiban 411.867.251.829 7.424.666.021 539.762.696.969 Total Liabilities

Pengeluaran modal 9.591.660.195 Capital expendituresPenyusutan 34.656.759.508 DepreciationBeban non kas selain Non-cash expenses other

penyusutan 47.420.144.628 than depreciation

2006

Segmen Geografis Geographical Segment

Seluruh transaksi Perusahaan dilakukan melalui kantorpusat di Cengkareng, Tangerang, sehingga informasisegmen geografis tidak disajikan.

All of the Company’s transactions were made by headoffice in Cengkareng, Tangerang; thus, thegeographical segment information is not presented.

23. IKATAN 23. COMMITMENTS

Perusahaan melakukan perjanjian jangka panjanguntuk pemeliharaan dan perbaikan pesawat denganPT Garuda Indonesia, PT Sriwijaya Air, HellenicImperial Airways, Sahara Airlines Ltd, Pronain GestionInmobilia, Galaxy Aviation Trade Company, YemenAirways, International Air Parts Pty Ltd, Khors AirCompany, Gatewick Aviation Service, dan Southern Air.Perusahaan memperoleh pendapatan atas jasa inisesuai tarif yang disepakati dalam perjanjian.

The Company entered into long-term agreements foraircrafts repair and maintenance with PT GarudaIndonesia, PTSriwijaya Air, Hellenic Imperial Airways,Sahara Airlines Ltd, Pronain Gestion Inmobilia, GalaxyAviation Trade Company, Yemen Airways, InternationalAir Parts Pty Ltd, Khors Air Company, GatewickAviation Service, and Southern Air. The Companyrecognize revenue from this service based on agreedtarif in the agreements.





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24. AKTIVA DAN KEWAJIBAN MONETER DALAM MATAUANG ASING

24. MONETARY ASSETS AND LIABILITIESDENOMINATED IN FOREIGN CURRENCIES

Pada tanggal 31 Desember 2007 dan 2006,Perusahaan mempunyai aktiva dan kewajiban moneterdalam mata uang asing sebagai berikut:

On December 31, 2007 and 2006, the Company hadmonetary assets and liabilities in foreign currencies asfollows:

Mata Uang Mata UangAsing/ Asing/Foreign Ekuivalen/ Foreign Ekuivalen/

Currencies Equivalent Currencies EquivalentRp Rp

AKTIVA ASSETSKas dan setara kas US$ 11.678.288 109.997.794.484 US$ 5.132.737 46.297.283.230 Cash and cash equivalents

Euro 2.279.935 31.371.899.587 Euro 15.265 181.014.145Deposito berjangka US$ - - US$ 2.300.000 20.746.000.000 Time depositPiutang usaha US$ 35.245.017 331.972.818.956 US$ 27.286.122 246.120.817.189 Trade accounts receivable

SGD 2.281.111 14.831.780.838 SGD 14.396 84.632.320Tagihan bruto kepada Gross receivable topelanggan US$ 12.518.142 117.908.377.332 US$ 5.789.833 52.224.292.619 customers

Persediaan dalam Inventories under exchangeperjanjian pertukaran US$ 14.117.324 132.971.078.810 US$ 23.000.000 207.460.000.000 agreement

Jumlah Aktiva Moneter 739.053.750.007 573.114.039.503 Total Monetary Assets

KEWAJIBAN LIABILITIESHutang usaha US$ 19.178.059 180.638.134.316 US$ 14.984.758 135.162.518.199 Trade accounts payable

SGD 3.312.065 21.535.047.706 SGD 3.613.352 21.242.897.070CHF 1.512.403 12.492.452.440 CHF 252.670 1.865.213.461AUD 933.342 7.680.474.058 AUD 846.760 6.039.938.751GBP 157.125 2.954.583.566 GBP 26.265 464.805.675HKD 2.378.760 2.873.541.885 HKD 3.670.427 4.257.695.039SAR 1.133.364 2.866.277.818 SAR 1.244.113 2.992.092.596Yen 24.048.639 1.997.720.414 Yen 35.558.989 2.695.371.383MYR 542.181 1.533.289.074 MYR 224.022 572.151.328Euro 90.956 1.251.547.957 Euro 375.011 4.446.880.728CNY 953.432 1.210.858.148 CNY 687.770 788.184.656THB 3.551.373 990.833.180 THB 81.576 20.720.245KRW 9.606.283 96.062.828 KRW 1.358.729 13.587.288TWD 39.171 11.398.723 TWD 32.416 8.914.464NZD - - NZD 27.550 175.410.988

Hutang lain-lain US$ 8.600.459 81.007.725.111 US$ 1.744.453 15.734.970.030 Other accounts payableJumlah Kewajiban Moneter 319.139.947.224 196.481.351.901 Total Monetary Liabilities

Jumlah Aktiva Moneter - Bersih 419.913.802.783 376.632.687.602 Net Monetary Assets

2007 2006

Pada tanggal neraca, kurs konversi yang digunakanPerusahaan adalah sebagai berikut:

At balance sheet dates, the conversion rates used bythe Company were as follows:

2007 2006Rp Rp

GBP 1 18.804 17.697 GBP 1Euro 1 13.760 11.858 Euro 1USD 1 9.419 9.020 USD 1Yen 100 8.307 7.580 Yen 100CHF 1 8.260 7.382 CHF 1AUD 1 8.229 7.133 AUD 1SGD 1 6.502 5.879 SGD 1MYR 1 2.828 2.554 MYR 1SAR 1 2.529 2.405 SAR 1CNY 1 1.270 1.146 CNY 1HKD 1 1.208 1.160 HKD 1TWD 1 291 275 TWD 1THB 1 279 254 THB 1KRW 1 10 10 KRW 1NZD 1 - 6.367 NZD 1

Pada tahun 2007, Perusahaan memperolehkeuntungan kurs mata uang asing sebesarRp 18.551.846.826 dan pada tahun 2006, Perusahaanmengalami kerugian kurs mata uang asing sebesarRp 21.051.676.600.

In 2007, the Company recognized gain on foreignexchange of Rp 18,551,846,826 while in 2006,the Company incurred loss on foreign exchange ofRp 21,051,676,600.





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25. REKLASIFIKASI AKUN 25. RECLASSIFICATION OF ACCOUNTS

Piutang usaha pada laporan keuangan tahun 2006sebesar Rp 52.224.292.619 telah di reklasifikasi keakun tagihan bruto kepada pelanggan untukmenyesuaikan dengan laporan keuangan 2007 danagar lebih mencerminkan sifat dan transaksi yangbersangkutan.

Trade accounts receivable in the 2006 financialstatements amounting to Rp 52,224,292,619 wasreclassified to gross receivable to customers account toconform with the 2007 financial statementspresentation and to better reflect the nature oftransaction.

26. PERISTIWA PENTING SETELAH TANGGALNERACA

26. SUBSEQUENT EVENT

Pada tanggal 25 Januari 2008, Perusahaanmengadakan Perjanjian Pemanfaatan Tanah danKonsesi Usaha dengan PT (Persero) Angkasa Pura IIsehubungan dengan pemanfaatan tanah seluas± 900.000 m2 untuk digunakan dalam kegiatan usahapemeliharaan pesawat di bandara udara. Perjanjian iniberlaku sampai dengan 31 Desember 2011 dengankompensasi dan konsesi sesuai dengan tarif yangdisepakati.

On January 25, 2008, the Company entered into LandUtilization and Business Concession Agreements withPT (Persero) Angkasa Pura II in relation to landutilization measuring approximately 900,000 squaremeters which used for aircraft maintenance businessactivities. The term of this agreement was effective untilDecember 31, 2011, which compensation andconcession based on the agreed tariffs.

Perusahaan wajib memberikan jaminan bank yangditerbitkan oleh bank umum untuk menjaminpembayaran kompensasi tersebut. Masa berlakujaminan tersebut selama 1 tahun dan diperpanjangsetiap tahunnya sampai berakhirnya perjanjian ini.

The Company obliged to provide bank guarantee whichissued by general bank to secure the payment of suchcompensation. The term of such guarantee is 1 yearand will be amended until the end of term of thisagreement.

27. PERNYATAAN STANDAR AKUNTANSI KEUANGAN(PSAK) BARU

27. NEW STATEMENTS OF FINANCIAL ACCOUNTINGSTANDARDS (PSAK)

Dewan Standar Akuntansi Keuangan Ikatan AkuntanIndonesia telah merevisi dan menerbitkan beberapaPernyataan Standar Akuntansi Keuangan (PSAK)sebagai berikut:

The Financial Accounting Standards Board ofIndonesian Institute of Accountant revised and issuedseveral Statements of Financial Accounting Standards(PSAK), as follows:

� PSAK 13 (Revisi 2007), Properti Investasi - Efektifuntuk periode akuntansi dimulai tanggal 1 Januari2008.

� PSAK 13 (Revised 2007), Investment Property -Effective for accounting period starting onJanuary 1, 2008.

� PSAK 16 (Revisi 2007), Aset Tetap - Efektif untukperiode akuntansi dimulai tanggal 1 Januari 2008.

� PSAK 16 (Revised 2007), Property, Plant andEquipment - Effective for accounting periodstarting on January 1, 2008.

� PSAK 30 (Revisi 2007), Sewa - Efektif untukperiode akuntansi dimulai tanggal 1 Januari 2008.

� PSAK 30 (Revised 2007), Leases - Effective foraccounting period starting on January 1, 2008.

� PSAK 50 (Revisi 2006), Instrumen Keuangan:Penyajian dan Pengungkapan - Efektif untukperiode akuntansi dimulai tanggal 1 Januari 2009.

� PSAK 50 (Revised 2006), Financial Instruments:Presentation and Disclosures - Effective foraccounting period starting on January 1, 2009.

� PSAK 55 (Revisi 2006), Financial Instrumen:Pengakuan dan Pengukuran - Efektif untuk periodeakuntansi dimulai tanggal 1 Januari 2009.

� PSAK 55 (Revised 2006), Financial Instruments:Recognition and Measurement - Effective foraccounting period starting on January 1, 2009.

Perusahaan sedang mengevaluasi dampak yang timbuldari standar akuntansi tersebut terhadap laporankeuangan konsolidasi Perusahaan.

The Company is evaluating the effects of thesestandards on the Company’s financial statements.





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28. PERSETUJUAN LAPORAN KEUANGAN 28. APPROVAL OF THE FINANCIAL STATEMENTS

Direksi Perusahaan telah menyetujui laporan keuanganPerusahaan untuk diterbitkan pada tanggal 26 Maret2008.

The financial statements were approved by theDirectors and authorized for issue on March 26, 2008.

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Documents

15 (36% .*/5&//$& '$*-*5: &30 4* -103/ ,&6/(/ …. GARUDA MAINTENANCE FACILITY AERO ASIA LAPORAN KEUANGAN/FINANCIAL STATEMENTS UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2007 DAN 2006

15 (36% ./5&//$& '$-5: &30 4 -103/ ,&6/(/ …. GARUDA MAINTENANCE FACILITY AERO ASIA LAPORAN KEUANGAN/FINANCIAL STATEMENTS UNTUK TAHUN YANG BERAKHIR 31 DESEMBER 2007 DAN 2006