NOTES TO THE FINANCIAL STATEMENTS
(CONT’D)
31 DECEMBER 2015
31.
OTHER MATTERS (CONT’D)
(ii)
Build, Operate and Transfer (“BOT”) Agreements (cont’d)
Bandung Indah Plaza (cont’d)
PT Megah has the following obligations to PDJK:
(a)
Revenue sharing for shopping centre I for the period from 19 August 1992 to 31 December
2030 at 2% of the rental income of shops and retail per year and shall increase at 0.25% every
4 years. The increase commenced in May 2008;
(b)
Revenue sharing for shopping centre II for the period 1 May 1994 to 31 December 2030 at 2%
of rental income of shops and retail per year and shall increase at 0.25% every 4 years. The
increase commenced in May 2008;
(c)
5% of net operational profits, commenced in August 1995;
(d)
5% of net income from rental of open areas, promotional spaces and corridors commenced in
August 2005;
(e)
Profit sharing with respect to parking spaces from August 2005 at 40% of parking net income
after deducting contribution to Parking Management Institution (Badan Pengelola Perparkiran
– “BPP”) and other expenses, VAT of 10%, interest expense, depreciation of parking facility, with
maximum threshold of the expenses is 76% of rental income, provided that if the VAT no longer
prevails or the government changes the figure of the VAT then the percentage of expenses will
be mutually agreed by both parties;
(f)
Both PT Megah and PDJK will share the net rental revenue of the cinema up to August 2020
based on 50% ratio each. Profit share after 2020 will be determined later; and
(g)
The revenue sharing for commercial space is at 2% of the rental income of commercial space
per year and shall increase 0.25% every 4 years from May 2008.
Palembang Icon
An Indonesia Retail Mall Property Company, PT Griya Inti Sejahtera Insani (“PT GISI”) entered into a BOT Agreement
with the Government of the Province of South Sumatera (BOT Grantor). PT GISI, has among others, the following
rights: (i) to operate, manage and lease Palembang Icon (consisting of Phase 1 town square and Phase 2 town
square and sports centre) whether part or whole to any third party; (ii) determine the rate of, and collect the
rental fee or other fee generated from the lease; and (iii) pledge/secure the HGB certificates of town square and
parking area registered under PT GISI by providing a notification to the BOT Grantor, save for the sports centre;
and (iv) option to construct a new building and/or expand Palembang Icon.
ANNUAL REPORT 2015
135
