DISCLOSURE OF INFORMATION TO SHAREHOLDERS IN ORDER OF CAPITAL
RAISE WITH RIGHTS OFFER I (“RIGHTS OFFER I”)
INFORMATION IN THIS DOCUMENT CAN STILL BE COMPLETED AND/OR BE CHANGED. REGISTRATION STATEMENT HAS BEEN SUBMITTED TO OTORITASJASA KEUANGAN (“OJK”) BUT HAS NOT OBTAINED THE EFFECTIVE STATEMENT FROM OJK. THE SHARES CANNOT BE SOLD BEFORE THE
REGISTRATION STATEMENT WHICH HAS BEEN SUBMITTED TO OJK BECOME EFFECTIVE. ORDER TO BUY THE SHARES CAN ONNLY BE DONE AFTER THE
POTENTIAL BUYER RECEIVED AND OR HAD A CHANCE TO READ THE PROSPECTUS.
OJK DOES NOT GIVE AN APPROVAL STATEMENT NOR APPROVE THIS INSTRUMENT, NOR VERIFY THE CONTENT OR COMPLETENESS OF THISDOCUMENT. EVERY STATEMENT WHICH CONTRADICTS WITH THOSE STATEMENTS IS CONSIDERED AS UNLAWFUL CONDUCT.
PT GRAHA LAYAR PRIMA TBK (“COMPANY“) WITH ALL THE SUPPORTING INSTITUTIONS AND PROFESSIONALS IN THIS RIGHTS OFFER ARE FULLYRESPONSIBLE OF THE VALIDITY OF ALL INFORMATIONS, FACTS, DATA OR REPORTS AND INTEGRITY OF OPINION STATED IN THIS DOCUMENT, IN
ACCORDANCE WITH RESPECTIVE FIELDS BASED ON APPLICABLE CONDITIONS IN THE REPUBLIC OF INDONESIA AND CODE OF ETHICS AND NORMS AND
STANDARDS OF RESPECTIVE PROFESSIONALSPT GRAHA LAYAR PRIMA Tbk.
MAIN BUSINESS
Film Industry, Video Recording, Provision of Food and Beverages and Services in Recreation and Entertainment
Located in Jakarta, Indonesia
MAIN OFFICE
Gedung Menara Karya Lt. 25
Jl. H.R. Rasuna Said Blok X-5 Kav. 1-2
Kuningan Timur, Setiabudi
Jakarta 12950, Indonesia
Phone: +62 21 2554 2500
Faximile: +62 21 2554 2501
Email: corpsec@cgvblitz.com
Website: www.cgvblitz.com

CAPITAL RAISE WITH RIGHTS ISSUE I(”RIGHTS ISSUE I”)
The Company offers a maximum of 110,000,000 (one hundred and ten million) of Class C Shares (“New Shares”) or 32.58% (thirty two point fifty eight percent) of the Issued
and Paid Capital after Rights Offer I, with nominal value of RP 100 (one hundred Rupiah) each share which will be offered with Offer Price of RP 5,700 to RP 8,560 (fivethousand and seven hundred Rupiah to eight thousand and five hundred and sixty Rupiah), thus the total fund raised from this Rights Offer I will be a maximum of RP
850,000,000,000 (eight hundred and fifty billion Rupiah).
Each shareholder with 3 – 4 (three to four) Old Shares whose names are stated in List of Shareholders issued on June 6th 2016 at 16.00 Jakarta Time will be entitled of 1 (one)Right, where each Right entitles the shareholder to buy a maximum of 1 (one) New Share which should be paid upon the order to buy the share. Each right in fractions will be
rounded down. If any shareholder owns a right in fractions, the right should be sold by the Company and the sales results will be included in Company’s account.
All New Shares offered in Rights Offer I will be issued from Company’s portfolio and will be listed on Indonesia Stock Exchange (“IDX”) by following the applicable law. New
Shares from Rights Offer I will have equal rights in every aspect including dividend with other issued and paid shares.
Should there be remaining shares which are not bought by Rights Ceritificate holder, the remaining shares will be proportionally allocated to other shareholders with greaterorder than their entitled rights based on total of exercised rights by each shareholder who demands for more Additional Shares. If there’s any remaining rights which are notexercised, all remaining shares will be returned to Company’s portfolio.

RIGHTS CAN BE TRADED BOTH IN OR OUTSIDE IDX FOR NO LESS THAN 5 (FIVE) WORKING DAYS STARTING 8 JUNE 2016 TO 14 JUNE 2016. THE LAST DAY OF
TO EXERCISE THE RIGHTS IS ON 14 JUNE 2016. UNEXERCISED RIGHTS AFTER THE STATED DATE WILL BE CONSIDERED EXPIRED..
IMPORTANT NOTICE FOR SHAREHOLDERS
EXISTING SHAREHOLDERS WHO DON’T EXERCISE THE RIGHTS TO PURCHASE NEW SHARES OFFERED IN THIS RIGHTS OFFER I ACCORDING TO THEIR
ALLOCATED RIGHTS WILL EXPERIENCE DILLUTION IN SHARES OWNERSHIP IN THE COMPANY WITH THE MAXIMUM PERCENTAGE OF 24.6% (TWENTY FOUR
POINT SIX PERCENT).
THE MAIN BUSINESS RISK FACTOR FACED BY THE COMPANY AND ITS SUBSIDIARIES IS THE RISK RELATED TO PRODUCTION AND QUALITY OF THE
MOVIES. DETAILED EXPLANATION ABOUT RISK FACTOR CAN BE READ IN CHAPTER VI OF PROSPECTUS.
THE COMPANY DOESN’T ISSUE CERTIFICATE OF COLLECTIVE SHARES IN THIS RIGHTS OFFER I, BUT ALL SHARES WILL BE DISTRIBUTED ELECTRONICALLY
AND WILL BE ADMINISTRATED IN COLLECTIVE CUSTODY OF PT KUSTODIAN SENTRAL EFEK INDONESIA (”KSEI”).

This information is issued on 25 April 2016 in Jakarta.

INDICATIVE TIMETABLE
Extraordinary General Meeting of Shareholders
Effective Statement of Rights Offer from OJK
End of rights trading period (Cum-Right) in:::

30 March 2016
25 May 2016



Distribution of Rights Certificate
Listing of New Shares from Rights Exercised in IDX
Rights Trading Period:::

7 June 2016
7 June 2016
8 - 14 June 2016:

1 June 2016

Registration, payment and exercise period of Rights:

8 – 14 June 2016

 Cash Market
Start of shares trading period without rights (Ex-Right):::

6 June 2016

Distribution period of New Shares from Rights Offer
End of payment for additional shares purchase order::

10 – 16 June 201616 June 2016

Reguler and Negotiation Market:

2 June 2016

Allotment date for additional shares purchase order:

17 June 2016

 Cash Market
Recording Date for entitled shareholders::

7 June 2016
6 June 2016

Refund for additional shares order purchase:21 June 2016

Reguler and Negotiation Market

CAPITAL RAISE WITH RIGHTS OFFER I
Capital structure and shareholding structure of the Company in the date at the date of the Prospectus based on Listof Shareholders dated 31 March 2016 jo. Reference Letter No. DE/IV/16-1062 dated 15 April 2016, managed by PT
Datindo Entrycom as the Share Registrar are as follows:
Nominal ValueClass A Shares : RP 20,000,- per share
Class B Shares: RP 3,438,- per share
Class C Shares : RP 100,- per share

Description

Number of Shares

Nominal Value (RP)%

Authorized capitalClass AClass B

2,908,800
366,497,000

Class C

340,000,000

34,000,000,000

709,405,800

1,352,192,686,000

545,400

10,908,000,000

0.16

181,800
727,200

3,636,000,000
14,544,000,000

0.05
0.21

PT Layar Persada

162,886,600

560,004,130,800

48.24

Total Class B Shares

162,886,600

560,004,130,800

48.24

CJ CGV Co., Ltd.

49,816,666

4,981,666,600

14.75

IKT Holdings Limited

49,816,666

4,981,666,600

14.75

Public74,410,400

7,441,040,000

22.05Class C Shares

174,043,732

17,404,373,200

51.55

Total Issued and Paid Capital

337,657,532

591,952,504,000

100.002,181,600
203,610,400
165,956,268
371,748,268

43,632,000,000
700,012,555,200
16,595,626,800
760,240,182,000

Total Authorized Capital

58,176,000,000
1,260,016,686,000

Paid and Issued CapitalClass A Shares
PT Pangea Adi BenuaPT Catur Kusuma Abadi Jaya
Total Class A SharesClass B SharesClass C Shares

Remaining Shares in Company’s Portfolio
Class AClass BClass C
Remaining Shares in Company’s Portfolio

Assuming all new shares offered in this Rights Offer I are exercised, where all existing shareholders exercise all
allocated rights, the capital and shareholding structure of the Company will be as follow:
Description

Pre Rights Offer I

Post Rights Offer I

Nominal ValueClass A Shares : RP20,000,- per share
Class B Shares : RP3,438,- per share
Class C Shares : RP100,- per shareNominal ValueClass A Shares : RP20,000,- per share
Class B Shares : RP3,438,- per share
Class C Shares : RP100,- per share

Number of Share

Nominal Value%

Number of Share

Nominal Value

2,908,800

58,176,000,000

Authorized CapitalClass AClass B

2,908,800

58,176,000,000

366,497,000 1,260,016,686,000

366,497,000 1,260,016,686,000%

Description

Pre Rights Offer I

Post Rights Offer I

Nominal ValueClass A Shares : RP20,000,- per share
Class B Shares : RP3,438,- per share
Class C Shares : RP100,- per shareNominal ValueClass A Shares : RP20,000,- per share
Class B Shares : RP3,438,- per share
Class C Shares : RP100,- per share

Number of ShareClass C
Total Authorized Capital
Paid and Issued CapitalClass A Shares
PT Pangea Adi Benua

340,000,000

Nominal Value%

34,000,000,000

709,405,800 1,352,192,686,000

Number of Share

Nominal Value

340,000,000

34,000,000,000%

709,405,800 1,352,192,686,000

545,400

10,908,000,000

0.16

545,400

10,908,000,000

0.12

181,800
727,200

3,636,000,000
14,544,000,000

0.05
0.21

181,800
727,200

3,636,000,000
14,544,000,000

0.04
0.16

PT Layar Persada

162,886,600

560,004,130,800

48.24

162,886,600

560,004,130,800

36.39

Total Class B Shares

162,886,600

560,004,130,800

48.24

162,886,600

560,004,130,800

36.39

PT Catur Kusuma Abadi Jaya
Total Class A SharesClass B SharesClass C Shares
PT Layar Persada

-

-

-

53,064,198

5,306,419,800

11.85

CJ CGV Co., Ltd.

49,816,666

4,981,666,600

14.75

66,045,634

6,604,563,400

14.75

IKT Holdings Limited

49,816,666

4,981,666,600

14.75

66,045,634

6,604,563,400

14.75

PT Pangea Adi Benua

-

-

-

177,677

17,767,700

0.04

PT Catur Kusuma Abadi Jaya--

59,226

5,922,600

0.01

74,410,400

7,441,040,000

22.05

98,651,363

9,865,136,300

22.05
63.45

PublicTotal Class C Shares

174,043,732

17,404,373,200

51.55

284,043,732

28,404,373,200

Total Paid and Issued Capital

337,657,532

591,952,504,000

100.00447,657,532

602,952,504,000 100.000

Class A2,181,600

43,632,000,000

2,181,600

43,632,000,000

Class B

203,610,400
165,956,268
371,748,268

700,012,555,200
16,595,626,800
760,240,182,000

203,610,400
55,956,268
261,748,268

700,012,555,200
5,595,626,800
749,240,182,000

Remaining Shares in Portfolio

Class C
Total Remaining Shares in Portfolio

INFORMATION REGARDING RIGHTS OFFER I
Shares offered in this Rights Offer I are issued by sellable Rights during trading period which has been determined
and is one of the conditions of share purchase. New Shares from exercised rights in this Rights Offer I can be traded
during trading period.
1. Entitled Rights Receiver
All shareholders whose names are legally listed on List of Shareholders of the Company on 6 June 2016 at 16.00
Jakarta Time (“Entitled Shareholder”) are entitled of rights to purchase new shares offered in Rights Offer I, where
shareholders with ownership of 3 to 4 old shares will be entitled of one Right, and one Right allows eachshareholder to purchase one New Share in this Rights Offer I with offer price range of RP5,700 to RP 8,560 (fivethousand and seven hundred Rupiah to eight thousand five hundred sixty Rupiah) per share which should be fully
paid upon the request to exercise the rights.
2. Entitled Rights HolderEntitled shareholders; and/or
Last buyer/holder of Rights Certificate whose names are listed in Rights endorsement column until the endof Rights trading period; and/or
Rights holder whose names are listed on Collective Custody in KSEI untuk the end of Rights trading period.

3. Rights Form
To all shareholders whose names has not been included in collective custody in KSEI, the Company will issue a
Rights Certificate which states the names and addresses of Rights holder, number of shares that will be owned
and number of Rights which can be used to purchase shares, as well as column which consists of number ofshares that will be bought, amount to be paid and number of additional shares order, endorsement column andother necessary information.
To all shareholders with shares in custody collective in KSEI, the Company will not issue Rights Certificate, butwill credit the Rights to securities account on behalf of Custodian Bank or appointed broker by each shareholders
in KSEI.
4. Distribution of Rights
Electronic Rights will be distributed to securities account in KSEI or will be distributed to shareholders throughAccount Holders no later than one working day after the date of List of Shareholders entitled of Rights (recordingdate), which is on 7 June 2016.
5. Rights Trading and Exercise
Rights holder can sell and exercise their Rights during rights trading and exercise period, starting from 8 June
2016 until 14 June 2016.
Rights trading should be conducted in accordance to applicable law in the Republic of Indonesia, including nut notlimited to tax regulations and regulations in capital market, including bourse regulations where the Rights will be
traded, which is IDX, as well as KSEI regulations. If Rights holder have doubts in decision making, Rights holders
are suggested to consult with investment advisor or other professional advisor.
Rights in collective custody in KSEI are traded in IDX, while Rights in the form of Rights Certificate can only be
traded outside the bourse. Settlement of Rights trading which are done through the bourse will be conducted bytransfer on behalf of securities account under the name of custodian bank or broker in KSEI. All fees and taxes
which may occur from trading and transfer of Rights will be the expense of Rights holders or potential Righhts
holders.
6. Request for Split of Rights Certificate
To all Rights holders who wish to sell or transfer part of the stated number in Rights certificate owned, the related
Rights holder can make an application letter to split the Rights Certificate and submit it to Share Registrar to get
the fraction of Rights Certificate with the desired denomination. Rights holder can split the Rights Certificate
starting from 8 June 2016 until 14 June 2016.

7. Rights Value
Value of Rights offered by entitled Rights holders will vary from one Right to another based on the strength ofdemand and supply when offered.
Stated below is the theoretical calculation of Rights value in this Rights Offer. Calculation below is only an theory
illustration and should not be considered as guarantee or estimation of Rights value. This illustration is shown togive an general understanding in calculating Rights value.
Assumed market value of each share
Rights Offer Shares Price
Number of outstanding shares pre Rights Offer I
Number of shares offered in Rights Offer I
Number of outstanding shares post Rights Offer I

=
=
=
=
=

RP a
RP b
A
B
A+B

Theoretical Price of new shares= (Rp a x A) + (Rp b x B)
(A + B)= Rp cTheoretical pricee of Rights= Rp a - Rp c

8. Exercise of Rights Certificate
Rights Certificate is the proof of Rights given by the Company to the holders to purchase new shares on behalf ofthe names offered by the Company in order or Rights Offer I. Rights Certificate can only be issued forshareholders who have not convert the shares and used to purchase new shares. Rights Certificate should not be
redeemed as cash or else to the Company, and cannot be traded in the form of copies. Rights certificate for
Rights holder in collective custody in KSEI will be given by KSEI through Member of the Stock Exchange or its
Custodian Banks.
9. Fractional Rights
In accordance with POJK No. 32/2015, in the case of rights holder with fractional Rights ownership, the Rights ofthe fractional shares in this Rights Offer should be sold by the Company and the sales result will be put in
Company’s account.
10. Lain-Lain
Terms and conditions of Rights Offer is in and subject to applicable law in Republic of Indonesia. All expensed
which may occur from transfer of Rights will be borne by Rights holders or potential Rights holders.
In order to conduct the Rights Offer I, Directors of the Company has approved Rights Offer I plan, as stated in
Directors Circular Resolution dated 29 January 2016, and the Directors have also obtained Board of Commissioners
Approval dated 31 January 2016.
At the date of the Prospectus, the Company may plan to issue or list another shares and/or other instrument
which may be converted into shares in the next 12 (twelve months) since the Company obtained the Effective
Statement.

USE OF PROCEED FROM CAPITAL RAISE WITH RIGHTS OFFER I
Proceed from this Rights Offer I, deducted with all cost of issuance, will be used for:

Payment of Company’s loan with maximum amount of RP 250 billion;
Should there be any remaining fund after loan repayment, the fund will be used for capital expenditure
purpose for construction of new theatres and/or reparation of maintenance of existing theatres as stated inpoint number 2 below.

The remaining will be used for business expansion in the form of capital expenditure for construction of newtheatres and/or reparation of existing theatres in several cities in Inddonesia.

SELECTED FINANCIAL HIGHLIGHTS
Table stated below consists of financial highlights of the Company, taken from consolidated financial report of theCompany as of 31 December 2015 and 2014, as well as consolidated statement of profit and loss and othercomprehensive income for the year ended in those stated dates.
The consolidated financial report of the Company as of 31 December 2015 and for the year ended on that date has
been audited by Kantor Akuntan Publik Kosasih Nurdiyaman, Mulyadi, Tjahjo & Rekan (Member of Crowe Horwarth
International) (“Crowe Horwarth Indonesia”) with unmodified opinion, as stated in the report dated 30 March 2016.
The consolidated financial report of the Company as of 31 December 2014 and for the year ended on the stated datehas been audited by Crowe Horwarth Indonesia with unmodified opinion, as stated in the report dated 27 March2015.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION(RP billion)
DESCRIPTION

31 December
2014*)2015
ASSETS
CURRENT ASSET
Cash and cash equivalent
Trade receivable – third parties – net
Other receivablles – third parties – net
Unbilled revenues
Inventories
Prepaid expenses and advances
Total Current Assets
Non-Current Assets
Advances for purchases of fixed assets
Fixed assets – net
Advance payment for lease and long-term prepaid
rentalRefundable deposits
Intangible assets – net
Other non-current assets
Total Non-Current Assets
TOTAL ASSETSLIABILITIESCurrent Liabilities
Trade payables- Related parties- Third parties
Other payables

30,002
12,67550,780
9,953
4,868
9,967
118,245

270,809
8,811
33,012
3,438
4,904
320,974

2,888
604,691

5,540
291,237

42,26230,221238
165
680,465

27,7789,791
29334,375

798,710655,349

31.421

3.801
19.047

(RP billion)
DESCRIPTION

31 December
2014*)

2015- Related parties- Third parties
Accrued liabilities
Taxes payable
Short-term bank loan
Other current liabilities
Total Current Liabilities
Non-Current Liabilities
Estimated liabilities for employees’benefits
TOTAL LIABILITIES

326
86.19741.56011.540110.000
29.127310.17146.40021.96114.15226.676132.037

6.230

6.800

316.401

138.837

EQUITYEQUITY ATTRIBUTABLE TO OWNERS OF THE
PARENT ENTITY
Paid and Issued Capital
591.952
Addiitional paid-in capital – net
482.798
Akumulasi defisit(592.438)
Equity attributable to owners of the parent entity
482.312
Non-controlling interest(3)
TOTAL EQUITY
482.309
TOTAL LIABILITIES AND EQUITY
798.710*) Restated due to retrospective application of PSAK No. 24 (Revision 2013), “Employee Benefits”

591.952482.798(558.233)
516.517(5)
516.512655.349

CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME(RP bilion)
DESCRIPTION

31 December
2014*)

2015
Net Revenues
Cost of Revenues
GROSS PROFITOPERATING EXPENSES
Selling
General and administrative
Total Operating Expenses

399.374
157.763241.611332.577
146.549186.0285.495
273.715279.2105.613
231.087236.700

OPERATING LOSS

(37.599)(50.672)

OTHER INCOME (EXPENSES)Interest Income
Loss on foreign exchange – net
Loan expense
Recovery of allowance for impairment of receivables
Others – net
Other income – net

6.854(5.798)(2.125)
2.600
1.531

12.669(3.417)(2.180)2.367
9.533
18.972

LOSS BEFORE INCOME TAX EXPENSE(36.068)(31.700)

(29)

(45)

(36.097)(31.745)

Income Tax Expense – Final
LOSS FOR THE YEAROTHER COMPREHENSIVE INCOME

(RP bilion)
DESCRIPTION

31 December
2014*)

2015
item that will not be reclassified subsequently to profit
or loss:
Remeasurement of employee benefits liabilities
Related income tax expense (benefit)

1.894
-

2.272
-

OTHER COMPREHENSIVE INCOME FOR THE
YEAR – NET OF TAX

1.894

2.272

TOTAL COMPREHENSIVE LOSS FOR THE YEAR

(34.203)(29.473)

INCOME (LOSS ) FOR THE YEAR ATTRIBUTABLE
TO:
Owners of the parent entity
Non-controlling interest
TOTAL(36.099)2(36.097)(31.744)(1)(31.745)TOTAL COMPREHENSSIVE INCOME (LOSS)INCOME (LOSS ) FOR THE YEAR ATTRIBUTABLE
TO:
Owners of the parent entity
Non-controlling interest
TOTAL(34.205)2(34.203)(29.473)(29.473)

LOSS PER SHARE ATTRIBUTABLE TO OWNERS
OF THE PARENT ENTITY
Basic and diluted(107)*) Restated due to retrospective application of PSAK No. 24 (Revisi 2013), “Employee Benefits”(110)

RATIOS (UNAUDITED)DESCRIPTION
Growth Ratio (%)
Net Revenues
Gross Proffit
Operational Loss
Loss For the Year
Comprehensive Loss for the Year
AssetsLiabilitie
Profitability (in percentage unless for EBITDA)
Gross margin
Operational margin
Comprehensive income margin
ROE
ROA
Liquidity (x)Current assets/ current liabilities
Total liabilities / total equity
Total liability / total assets

31 December
2015

2014

20,08
29,88
(25,81)
13,71
16,05
21,88
124,84

10,51
0,95
447,13
159,97141,13
3,18(76,71)

60,50(9,41)(8,56)(7,09)(4,28)

55,94(15,24)(8,86)(5,73)(4,50)

0,38
0,66
0,40

2,43
0,27
0,21

MANAGEMENT’S DISCUSSION AND ANALYSISThe following management’s discussion and analysis of financial condition and results of operations shoul be read in
conjunction with the selected financial highlightsand other data, the audited financial statements and related notes tothe consolidated financial statements
Information stated below are sourced from concolidated financial statements of the Company as of 31 December
2015 and for the year ended on the stated date, which has been audited by Crowe Horwarth Indonesia withunmodified opinion, as stated in the report dated 30 March 2016. The concolidated financial statements of theCompany as of 31 December 2014 and for the year ended on the stated date has been audited by Crowe Horwarth
Indonesia with unmodified opinion dated 27 March 2015.
Consolidated financial statements were prepared according to Indonesian FAS. Discussion in this chapter may
consist of statements which reflect forward looking statement and reflect Company’s current view regarding future
events and financial performance, where the actual results could be materially different as a result of factors stated in
Chapter VI about Risk Factors in Prospectus.
As a result of rounding down, some figures in financial information below may be slightly different compared toarithmetic summation.

GENERAL OVERVIEWThe Company is a chain of theatre which offers interesting experience to movie-goers in Indonesia. As one of thethree theatre management in this country, the Company focuses on various movie categories, including Hollywood
movies, local movies and international movies. Additionally, the Company also offers other contents beside movies,
such as musical concert and sports program. The Company’s growth strategy is to keep offering current mostdesirable contents in theatres, and by penetrating the market to potential regions through the development of
CGV*blitz.
Established in 2004, the Company started its first theatre in Bandung, which was named Blitzmegaplex, on 16
October 2006. Location of the first theatre with total area of 8,000 sqm in Paris van Java Mall. Currently, theCompany has 15 locations of CGV*blitz and cooperates with mall owners related to 4 Blitztheater with total seatsowned by the Company amounted to 25,000 seats, with totalrevenues of RP 399,374 million and gross margin of
60.49%
Factors Affecting Financial Conditions and Results of Operation of the Company
Financial condition and results of operation of the Company are affected by several factors, such as:

Availability of appropriate movies to be aired and the attractiveness of the movies
Timing of movie release
Relationship with major and independent movie distributors
Stability of social, politics and economy in Indonesia

FINANCIAL
Results of Operation
Table shown below shows the details of results of operation of the Company and its subsidiaries for the year ended
on 31 December 2015 and 2014:(RP bilion)
DESCRIPTION

31 December
2014*)

2015
Net Revenues
Cost of Revenues
GROSS PROFITOPERATING EXPENSES
Selling
General and administrative
Total Operating Expenses

399.374
157.763241.611332.577
146.549186.0285.495
273.715279.2105.613
231.087236.700

(RP bilion)
DESCRIPTION

31 December
2014*)

2015
OPERATING LOSS

(37.599)(50.672)

OTHER INCOME (EXPENSES)Interest Income
Loss on foreign exchange – net
Loan expense
Recovery of allowance for impairment of receivables
Others – net
Other income – net

6.854(5.798)(2.125)
2.600
1.531

12.669(3.417)(2.180)2.367
9.533
18.972

LOSS BEFORE INCOME TAX EXPENSE(36.068)(31.700)

(29)

(45)

(36.097)(31.745)

OTHER COMPREHENSIVE INCOME
item that will not be reclassified subsequently to profit
or loss:
Remeasurement of employee benefits liabilities
Related income tax expense (benefit)

1.894
-

2.272
-

OTHER COMPREHENSIVE INCOME FOR THE
YEAR – NET OF TAX

1.894

2.272

TOTAL COMPREHENSIVE LOSS FOR THE YEAR

(34.203)(29.473)

INCOME (LOSS ) FOR THE YEAR ATTRIBUTABLE
TO:
Owners of the parent entity
Non-controlling interest
TOTAL(36.099)2(36.097)(31.744)(1)(31.745)TOTAL COMPREHENSSIVE INCOME (LOSS)INCOME (LOSS ) FOR THE YEAR ATTRIBUTABLE
TO:
Owners of the parent entity
Non-controlling interest
TOTAL(34.205)2(34.203)(29.473)(29.473)

Income Tax Expense – Final
LOSS FOR THE YEAR

LOSS PER SHARE ATTRIBUTABLE TO OWNERS
OF THE PARENT ENTITY
Basic and diluted(107)*) Restated due to retrospective application of PSAK No. 24 (Revisi 2013), “Employee Benefits”(110)(RP bilion)

DESCRIPTION

31 December
2014*)

2015
Net Revenues
Cost of Revenues
GROSS PROFITOPERATING EXPENSES
Selling
General and administrative
Total Operating Expenses

399.374
157.763241.611332.577
146.549186.0285.495
273.715279.2105.613
231.087236.700

OPERATING LOSS

(37.599)(50.672)(RP bilion)
DESCRIPTION

31 December
2014*)

2015
OTHER INCOME (EXPENSES)Interest Income
Loss on foreign exchange – net
Loan expense
Recovery of allowance for impairment of receivables
Others – net
Other income – net

6.854(5.798)(2.125)
2.600
1.531

12.669(3.417)(2.180)2.367
9.533
18.972

LOSS BEFORE INCOME TAX EXPENSE(36.068)(31.700)

(29)

(45)

(36.097)(31.745)

OTHER COMPREHENSIVE INCOME
item that will not be reclassified subsequently to profit
or loss:
Remeasurement of employee benefits liabilities
Related income tax expense (benefit)

1.894
-

2.272
-

OTHER COMPREHENSIVE INCOME FOR THE
YEAR – NET OF TAX

1.894

2.272

TOTAL COMPREHENSIVE LOSS FOR THE YEAR

(34.203)(29.473)

INCOME (LOSS ) FOR THE YEAR ATTRIBUTABLE
TO:
Owners of the parent entity
Non-controlling interest
TOTAL(36.099)2(36.097)(31.744)(1)(31.745)TOTAL COMPREHENSSIVE INCOME (LOSS)INCOME (LOSS ) FOR THE YEAR ATTRIBUTABLE
TO:
Owners of the parent entity
Non-controlling interest
TOTAL(34.205)2(34.203)(29.473)(29.473)

Income Tax Expense – Final
LOSS FOR THE YEAR

LOSS PER SHARE ATTRIBUTABLE TO OWNERS
OF THE PARENT ENTITY
Basic and diluted(107)*) Restated due to retrospective application of PSAK No. 24 (Revisi 2013), “Employee Benefits”(110)

Revenues
Revenues of the Company and its subsidiaries are mainly from sales of movie tickets, sales of food and beverages(concession) and other income such as income from sales of souvenir, rental of space, game center, promotional
media and marketing of third parties’ products, movie screening booking and theatre usage for non-movies activities
in certain hours such as other companies’ event musical concert, seminar and other cultural events. Since 2012,
along with the introduction of Blitztheater, the Company has also recorded such as revenues from technicalassistance services through operational cooperation and revenue sharing with mall owners. The Company’s
revenues are highly affected by changes in audience attendance and revenues from sales of movie tickets andaverage concession per audience. Audience attendance is affected by quality and quantity of movied aired by themovie studio. Average revenue per audience is affected by movie category and ticket price per audience.
Concession per audience is affected by product variation of food and beverages sold, as well as prices of the foodand beverages.
The table shown below shows the details of total revenues based on sales of each product as well as other income
for the year ended on 31 December 2015 dan 2014:

(dalam jutaan Rupiah dan persen)

Description
2015
CinemaFood and beverages
Events and advertisements
OthersTotal

For the year ended on 31 December%
2014
246.570
88.35661.2343.214
399.374

61.74
22.12
15.33
0.81
100.00224.895
71.97331.945
3.764
332.577

%
67.62
9.61
21.64
1.13
100.00

Cost of Revenues
Cost of revenues consists of profit sharing from sales of movie tickets which has been agreed between the Company
and distributor, expenses related to sales of food and beverages and other expenses such as expenses related tosales of merchandise and souvenir. The amount of selling expense for food and beverages is affectedd by changes
in audience attendance.
The table shown below describes the break-down of cost of revenues for the year ended on 31 December 2015 dan
2014:(RP million and percentage)

Keterangan
2015
CinemaFood and beverages
OthersTotal

For the year ended on 31 December%
2014
133,332
23,015
1,416
157,763

84.51
14.59
0.90
100.00123,222
18,770
4,557
146,549

%
84.08
12.81
3.11
100.00Operating Expenses
Operating expenses consists of selling expenses and general and administrative expenses. General andadministrative expenses consists of salaries and welfare, rental and sevice charges, depreciatio, repairs andmaintenance, professional fees, stationary and office supplies, transportation and accomodation, insurance, fixtures
expense, bank and credit card charges, communication, licenses, employee benefits, provisiom for impairment ofreceivables and others
Table shown below sets forth the break down of operating expense for the year ended on 31 December 2015 and2014:(in million RP and percentage)

Description
2015

For the year ended on December 31
%
2014

%

Seliing expenses
Advertising
Promotion
Sub-total

401
5,094
5,495

0,14
1,83
1,97

1,575
4,038
5,613

0,67
1,70
2,37

General and administrative expenses
Salaries and welfare
Rental and service charges
Depreciation
Utilities
Repair and maintenance
Professional fees
Stationary and office supplies
Transportation and accomodation
Insurance expense
Fixtures expense
Bank and credit card charges
Communication
Licenses

68,975
58,10656,99730,521
16,302
8,951
6,467
4,722
4,191
3,354
2,660
2,542
2,176

24,70
20,81
20,41
10,93
5,84
3,21
2,32
1,69
1,50
1,20
0,95
0,91
0,78

55,097
43,13442,957
24,074
14,67922,402
1,132
3,024
4,026
3,674
3,138
1,959
425

23,28
18,22
18,15
10,17
6,20
9,46
0,48
1,28
1,70
1,55
1,33
0,83
0,18

Employee benefits
2,082
0,75
2,039
Provision for impairment of receivable
727
0,26
4,224
Others
4,941
1,77
5,103
Sub-total
273,71598,03
231,087
Total
279,210100,00236,700*) disajikan kembali sehubungan dengan penerapan retrospektif PSAK No, 24 (Revisi 2013), “Imbalan Kerja”

0,86
1,78
2,16
97,63
100,00

Other Income (Expenses)
Recovery of allowance for impairment of receivables, Recovery of allowance for impairment of receivables resultsfrom reserved provision recovery on the Company’s receivables from related parties,
Loan expenses, Loan expenses results from loans interests on the Company’s long term liabilities and short termbank loans, as well as Mezzanine Agent expenses and ammortized loan expenses, Recognition of loan interests isadjusted to loan duration and principal amount as well as interest rate,
Gain (loss) on foreign exchange – nett, Gain (loss) on foreign exchange is derived from the settlement of transactions
in foreign currency and from the translation of monetary assets and liabilities denominated in foreign currencies
based on the fluctuation of Rupiah against the currency of denomination of the assets and liabilities,
Others – nett, Others – nett consisted of, among others, insurance claims income, asset sales and space lease in the
Company’s cinema.
Result from Operations
Revenues
Revenues. Net revenue increased by 20.08% to Rp399,374 million for the year ended on December 31, 2015 from
Rp332,577 million for the year ended on December 31, 2014. Below are the details of revenues based on the
Company’s segment:---

Cinema. Revenue from cinema segment increased by 9.64% to Rp246,570 million for the year ended on
December 31, 2015 from Rp224,895 million for the year ended on December 31, 2014, mainly due to theincrease in cinema audiences as a result of the many box office movies in 2015 compared to the previous year.
Notable movies with high audiences was Fast Furious 7, The Avengers : Age of Ultron, Jurassic World, Star
Wars: The Force Awakens, Minions 2, Spectre, Ant-Man, Mad Max : Furry Road and Insidious Chapter 3. The
Company also increased its average ticket price (ATP) in early 2015. The Company managed to sold 6,264,935
tickets in 2015, increased by 12.49% from 5,569,276 tickets the previous year.
Event and advertisement. Revenue from event and advertisement segment increased by 91.69% to Rp61,234
million for the year ended on December 31, 2015 from Rp31,945 million for the year ended on December 31,
2014, mainly due to increase marketing activities such as screen advertisement, branding and events.
Food and beverages. Revenues from food and beverages segment increased by 22.76% to Rp88,356 million forthe year ended on December 31, 2015 from Rp71,973 million for the year ended on December 31, 2014, mainly
due to the additional food and beverages variants sold by the Company and the increased audience as result of
the 7 new sites in 2015.
Others. Revenues from other segment decreased by 14.64% to Rp3,213 million for the year ended on December
31, 2015 from Rp3,763 million for the year ended on December 31, 2014, mainly due to the conversion of one
Blitz Theater cinema to CGV Blitz in 2015, resulting in a lower income from Blitz Theates business.

Cost of Revenues
Cost of revenues. Cost of revenues increased by 7.65% to Rp157,763 million for the year ended on December 31,
2015 from Rp146,549 million for the year ended on December 31, 2014. Below are the details of cost of revenues
based on the Company’s revenue segment:-

Cinema. Cost of cinema revenue increased by 8.20% to Rp133,332 million for the year ended on December 31,
2015 from Rp123,222 million for the year ended on December 31, 2014, mainly due to the increased revenue
sharing as a result from the addition of 7 new sites in 2015.
Food and beverages. Cost of food and beverages revenue increased by Rp22.62% to Rp23,015 million for theyear ended December 31, 2015 from Rp18,770 million for the year ended on December 31, 2014, mainly due tothe addition of new variants of food and beverages sold in the Company’s theaters.
Others. Cost of other revenues decreased by 68.95% to Rp1,416 million for the year ended on December 31,
2015 from Rp4,557 million for the year ended on December 31, 2014, mainly due to decrease in COGS due tolicensing cost of Real D.

Operating Expenses
Operating expenses increased by 17.96% to Rp279,210 million for the year ended on December 31, 2015 from
Rp236,700 million for the year ended on December 31, 2014, mainly due to increase in rental and service charges,
depreciation and utility expenses as a result from the development of 7 new sites.
Other Income (Expenses)
Interest income. Interest income decreased by 45.90% to Rp6,854 million for the year ended on December 31, 2015
from Rp12,669 million for the year ended December 31, 2014, mainly due to bank saving interest income from IPO
proceeds in 2014. Most of the IPO proceed has been utilised for the development of new theaters throughout 2015.
Gain (loss) on foreign exchange – net. Loss on foreign exchange increased by 69.68% to Rp5,798 million for the year
ended on December 31, 2105 from Rp3,417 million for the year ended December 31, 2014, mainly due to theweakening of Rupiah by 10.89% compared to 2014.
Loan expense. Loan expense relatively remains stable for the year ended on December 31, 2015 and 2014.
Recovery of allowance for impairment of receivables. Recovery of allowance for impairment of receivables decreaseby 100% to Rp0 for the year ended December 31, 2015 from Rp2,367 million for the year ended December 31, 2014,
mainly because of there was no recovery of allowance for impairment of receivables.
Analysis of Consolidated Statements of Financial Position
Asset
The following table presents the Company’s asset on December 31, 2015 and 2014:(dalam jutaan Rupiah)

Description

31 December
2015
2014

ASSETS
Current Assets
Cash and cash equivalent
Trade receivables – third parties – net
Other receivables – third parties – net
Unbilled revenues
Inventories
Prepaid expenses and advances
Total Current Assets

30,002
12,67550,780
9,953
4,868
9,967
118,245

270,809
8,811
33,012
3,438
4,904
320,974

Non-Current Assets
Advances for purchase of fixed assets
Fixed assets – net
Advance payments
Refundable deposits
Intangible assets – net
Other non-current assets
Total Non-Current Assets
TOTAL ASSETS

2,888
604,691
42,26230,221238
165
680,465
798,7105,540
291,237
27,7789,791
29334,375
655,349

The Company’s total asset increased by 21.88% from Rp798,710 million on December 31, 2105 from Rp655,349
million on December 31, 2014, mainly due to the development of 7 new sites.


Trade receivables (third parties) increased by 43.85% to Rp12,675 million on December 31, 2015 from Rp8,811
million on December 31, 2014, mainly due to increase in receivables from credit and debit card and in
Subsidiaries’ receivables from franchisor.
Other receivables – net increased by 53.82% to Rp50,780 million on December 31, 2015 from Rp33,012 million
on December 31, 2014, mainly due to increase in receivables from advertising agency as a result from increase in
event and advertisement revenue in 2015.






Prepaid expenses and advances increased by 103.24% to Rp9,967 million on December 31, 2015 from Rp4,904
million on December 31, 2014, mainly due to increase in prepaid rental as a result from the development of 7 newsites in 2015.
Fixed asset – net increased by 107.63% to Rp604,691 million on December 31, 2015 from Rp291,237 million on
December 31, 2014, mainly as a result from the development of 7 new sites in 2015.
Advance payments increased by 52.14% to Rp42,262 million on December 31, 2015 from Rp27,778 million on
December 31, 2104 mainly as a result from the development of 7 new sites in 2015.
Refundable deposits increased by 208.66% to Rp30,221 million on December 31, 2105 from Rp9,791 million on
December 31, 2014, mainly due to increase in refundable deposits payment as a result from the development of 7
new sites in 2015

Liabilities
The following table presents the Company’s liabilites on December 31, 2015 and 2014.
(in million RP)

Description

31 December
2015
2014

LIABILITIESCurrent Liabilities
Trade payables
Related parties
Third parties
Other payables
Related parties
Third partie
Accrued liabilities
Taxes payable
Short-term bank loan
Other current liabilities
Total Current Liabilities

31,421
86,523326
86,197
41,560
11,540110,000
29,127
310,171

3,801
19,047
46,40046,40021,961
14,152
26,676132,037

Non-Current Liabilities
Estimated liabilities for employees’ benefits
TOTAL LIABILITIES

6,230
316,401

6,800
138,837

The Company’s total liabilities increased by 127.89% to Rp316,401 million on December 31, 2015, from Rp138,837
million on December 31, 2014, mainly due to increase in short-term liabilities.
Trade payables from third parties increased by 64.97% to Rp31,421 million on December 31, 2015, from
Rp19,047 million on December 31, 2014, mainly due to increase in revenue sharing payables in movie cinemas
and payables from food and beverages purchases in line with an increase in the Company’s revenue in 2015.
Other payables from third parties increased by 86.47% to Rp86,523 million on December 31, 2015, from
Rp46,400 million on December 31, 2014, mainly due to increase in payables from purchase of fixed assets andfrom contractors’ and consultants’ fee in relation with the development of new sites.
Accrued liabilities increased by 89.24% to Rp41,460 million on December 31, 2015, from Rp21,961 million on
December 31, 2014, mainly due to increase in acquisition of fixed assets in relation with the development of newsites.

EquityThe following table presents the Company’s total equity on December 31, 2015 and 2014:(in million RP)

Description
Equity attributable to owners of the parent entity
Issued and fully paid
Additional paid-in capital – net
Accummulated deficits

31 December
2015
2014
591,952
482,798(592,438)

591,953482,798(558,233)

(in million RP)

Description
Equity attributable to owners of the parent entity
Non-controlling interest
TOTAL EQUITY

31 December
2015
2014
482,312516,517(3)(5)
482,309516,512The Company’s total equity decreased by 6.62% to Rp482,308 million on December 31, 2015 from Rp516,512 million
on December 31, 2014, mainly due to increase in accummulated deficits.
Cash Flow Analysis
The following table presents information on the Company’s and its Subsidiaries’s historical cash flow for the year
ended Desember 31, 2015 and 2014:(in million RP)

Description
Cash flow provided by (used in) operating activities
Cash flow provided by (used in) investing activities
Cash flow provided by (used in) financing activities
Net increase (decrease) in cash and cash equivalent
Cash and cash equivalent at beginning of year
Cash and cash equivalent at end of year

31 December
2015
2014
(2,598)21,407(348,044)(71,571)
109,835
22,200(240,807)(27,964)
270,809298,773
30,002
270,809

Cash Flow from Operating Activities
For the year ended on December 31, 2015, net cash flow used in operating activities was Rp2,598 million comparedto net cash flow provided by operating activities in 2014 of Rp21,407 million, or decreased by 112.14%. This was
mainly due to a decrease in receipts from interest income by 43.90% and an increase in payment to suppliers,
employees and others by 20.03% and in payment for final income tax by 252.12%.
Cash Flow from Investing Activities
For the year ended on December 31, 2015, net cash flow used in investing activities was Rp348,044 million,
increased by 386.29% compared to the same period in 2014 of Rp71,571 million. The increase was mainly due toacquisition of fixed assets which increase by 421.60% and increase in refundable deposits by 1,396.63%. Both are a
result of the development of new theaters.
Cash Flow from Financing Activities
For the year ended on December 31, 2015, net cash flow provided by financing activities was Rp109,835 million,
increased by 394.73% compared to the same period in 2014 of Rp22,201 million. The increase was mainly due toproceeds from short-term bank loan of Rp110,000 million.
Capital Expenditures, Acquisitions and Share Ownership
Most of the Company’s and its Subsidiaries’s capital expenditures are related to the leasehold improvements, studioand office equipment as well as furnitures and fixtures.
The following table presents the Company’s and its Subsidiaries’s historical capital expenditures for the year endedon December 31, 2015 and 2014:(in million RP)

Description
Infrastructure development
Furnitures and fixtures
Studio and office equipment
Construction in-progress
Total capital expenditure

31 December
2015
2014
200,047
27,04929,983
5,193
140,432
39,013
4,747
4,598
375,21375,853

The abovementioned capital expenditure had a positive impact in the Company’s performance given assets
purchased with the highest value are studio equipments for the purpose of business development. Up to the date ofthis Prospectus, the Company has not encountered any issues where the capital expenditure is not in accordancewith its initial purpose. If capital expenditure is not carried out in accordance with the Company’s plan, it will result in
the risk of obsolescence of the Company’s studio equipment, which will decrease revenues.

DISTRIBUTION OF PROSPECTUS, RIGHTS CERTIFICATE AND FORMS
Rights certificate, Prospectus, Additional Shares Subscription Forms (FPPS Tambahan) and other forms can beobtained by shareholders at the recording date starting from June 8, 2016, to June 14, 2016, on normal working days
and working hours (Monday to Friday, 9 AM to 3 PM) by submitting a valid ID card (KTP/passport/KITAS) and a copyof the ID Card as well as a Power of Attorney for those representing the entitled shareholders, at the Company’s
Share Registrar:
PT Datindo Entrycom
Puri Datindo-Wisma Sudirman
Jl, Jend Sudirman Kav, 34-35
Jakarta 10220, Indonesia
Tel: 021 – 5709009
Fax: 021 – 5709026
If the entitled shareholders, those who are registered as the Company’s shareholder on June 13, 2016, has yet toreceive or collect the Rights Certificate, Prospectus, Additional Shares Subscription Forms and other forms, and are
yet to contact the Share Registrar, then all and every risks and losses which may arise are no longer the
responsibility of the Company and Share Registrar, and lies entirely on the respective shareholder,
Electronic Rights will be distributed into KSEI Securities Account or into the shareholders’ accounts through KSEI
Account Holders,