Building on a Vision - Lippo Karawaci .Building on a Vision Financial Highlights Shareholder Structure,

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PT Lippo Karawaci Tbk2006 Annual Report

Building on a Vision

01 02 04

08 10 12

22 28 34

Contents

Building on a Vision Financial Highlights Shareholder Structure, Capital History, Dividend History and

Share Price Movement & Trading

Event Highlights The Three Pillars Report from the President Commissioner

46 5242Corporate Governance Report Audit Committee Report

06

16

38

Milestones

Report from the President Director

53Remuneration Committee Report

54 61Responsibility for

the 2006 Annual ReportManagement Discussion & Analysis

Information Technology

Housing & Land Development Healthcare Hospitality & Infrastructure

Human Resources

63Financial Report Corporate Data

129

Annual R

eport Lipp

o K

arawaci 2006

Guided by its vision of Impacting Lives, Lippo Karawaci focuses

firmly on strengthening its credibility in the creation of medium to

long term business growth, relying on its proven capabilities as the

acknowledged premier lifestyle development company in Indonesia.

To be the premier broad-based property company committed to impact peoples lives in everything we do and to continue creating shareholder value.

Vision To meet the needs of

Indonesian middle and upper class consumers, in the areas of quality housing, shopping centers, commercial development, healthcare, entertainment, hospitality and infrastructure.

Mission To maintain sustainable

business growth through building strong recurring income and sustainable development activities.

Building on a Vision

Ann

ual R

epor

t L

ipp

o K

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aci

2006

Financial Highlights

ASSETSin billion Rupiah

02 03 04 05 06

8,486

3,5904,78

5,5566,3

447

(5)

368

536

02 03 04 05 06

REVENUESin billion Rupiah

02 03 04 05 06

,905

874

,50,673

,005

02 03 04 05 06

35

7

893

359

OPERATING PROFIT (LOSS)in billion Rupiah

NET PROFIT AFTER TAXin billion Rupiah

LIABILITIESin billion Rupiah

STOCKHOLDERS EQUITYin billion Rupiah

PROFIT AND LOSS (in billion Rupiah)

Revenue 874 ,50 ,673 ,005 ,905

Gross Profit 83 60 774 999 973

EBITDA 34 450 63 539

Operating Profit (Loss) (5) 76 368 536 447

Net Profit After Tax 7 8 93 359 35

Basic Earning per Share (in Rupiah) 64 4 39 4 55

BALANCE SHEETS (in billion Rupiah)

Total Assets 3,590 4,78 5,556 6,3 8,486

Total Liabilities ,949 3,66 3,855 3,49 5,08

Stockholders Equity 408 68 ,445 ,693 ,96

FINANCIAL RATIOS

Return on Assets (%) 4 7 5 6 4

Return on Equity (%) 3 4 0 3

Debt to Assets 0.4 0.5 0.5 0.3 0.3

Debt to Equity (Gross) 3.7 3. .9 0.6 0.8

Debt to Equity (Net) .8 .9 .7 0.5 0.4

Gross Profit Margin (%) 3 4 46 50 5

EBITDA Margin (%) 3 7 3 8

Operating Profit Margin (%) (6) 8 7 3

Net Profit Margin (%) 5 9 8 8 7

00* 003* 004 005 006

Notes *) Has been restated to include the impact of the business merger according to

the Statement of Financial Accounting Standard no. , 38 and 56.

76

02 03 04 05 06

5,08

,9493,66

3,855

3,49

02 03 04 05 06

,96

408

68

,445

,693

Annual R

eport Lipp

o K

arawaci 2006

3

ASSETSin billion Rupiah

02 03 04 05 06

8,486

3,5904,78

5,5566,3

447

(5)

368

536

02 03 04 05 06

REVENUESin billion Rupiah

02 03 04 05 06

,905

874

,50,673

,005

02 03 04 05 06

35

7

893

359

OPERATING PROFIT (LOSS)in billion Rupiah

NET PROFIT AFTER TAXin billion Rupiah

LIABILITIESin billion Rupiah

STOCKHOLDERS EQUITYin billion Rupiah

PROFIT AND LOSS (in billion Rupiah)

Revenue 874 ,50 ,673 ,005 ,905

Gross Profit 83 60 774 999 973

EBITDA 34 450 63 539

Operating Profit (Loss) (5) 76 368 536 447

Net Profit After Tax 7 8 93 359 35

Basic Earning per Share (in Rupiah) 64 4 39 4 55

BALANCE SHEETS (in billion Rupiah)

Total Assets 3,590 4,78 5,556 6,3 8,486

Total Liabilities ,949 3,66 3,855 3,49 5,08

Stockholders Equity 408 68 ,445 ,693 ,96

FINANCIAL RATIOS

Return on Assets (%) 4 7 5 6 4

Return on Equity (%) 3 4 0 3

Debt to Assets 0.4 0.5 0.5 0.3 0.3

Debt to Equity (Gross) 3.7 3. .9 0.6 0.8

Debt to Equity (Net) .8 .9 .7 0.5 0.4

Gross Profit Margin (%) 3 4 46 50 5

EBITDA Margin (%) 3 7 3 8

Operating Profit Margin (%) (6) 8 7 3

Net Profit Margin (%) 5 9 8 8 7

00* 003* 004 005 006

Notes *) Has been restated to include the impact of the business merger according to

the Statement of Financial Accounting Standard no. , 38 and 56.

76

02 03 04 05 06

5,08

,9493,66

3,855

3,49

02 03 04 05 06

,96

408

68

,445

,693

Ann

ual R

epor

t L

ipp

o K

araw

aci

2006

4

Shareholder Structure, Capital History, Dividend History and Share Price Movement & Trading

Shareholder Structure(as of December 31, 2006)

Shareholders NumberofShares Percentage ofOwnership

Lippo Group Companies 1,584,906,154 27.00

China Resources (Holdings) Co. Ltd 905,570,540 15.42

CP Inlandsimmobilien Holding GmbH 455,317,500 7.76

Public 2,925,222,878 49.82

Total 5,871,017,072 100.00

ShareholdersRecordDate PaymentDate Dividend/Share

6 December 2006 20 December 2006 Rp 9.9,-

24 August 2005 8 September 2005 Rp 10,-

22 January 1998 20 February 1998 Rp 10,-

16 December 1996 14 January 1997 Rp 40,-

Dividend History

Capital HistoryDescription Date Shares TotalIssuedShares

IPO 28 Jun 1996 30,800,000 30,800,000

Company Listing 244,000,000 274,800,000

Convertible Bonds 105,072,500 379,872,500

Rights Issue I 27 Feb 1998 607,796,000 987,668,500

Merger 30 Jul 2004 1,063,275,250 2,050,943,750

Rights Issue II 20 Jan 2005 881,905,813 2,932,849,563

Warrant Convertion before Stock Split 20 Jan 05 28 Jul 06 279,099 2,933,128,662

Stock Split 02 Aug 06 2,933,128,662 5,866,257,324

Warrant Convertion after Stock Split 2 Aug 31 Dec 06 4,759,748 5,871,017,072

Annual R

eport Lipp

o K

arawaci 2006

5

Summary of Share Trading at Jakarta Stock Exchange in 2006

Share Price Movement

Stock Price (Rp) Stock Trading

Month Highest Lowest Closing Volume (unit) Amount (Rp)

Jan 1,820 1,750 1,800 288,494,000 511,759,550,000

Feb 1,840 1,790 1,820 312,626,500 802,577,255,000

Mar 2,000 1.810 1,980 414,770,500 802,577,255,000

Apr 2,000 1,930 1,950 298,040,000 586,727,925,000

May 1,970 1,720 1,780 383,467,500 723,038,630,000

Jun 1,780 1,690 1,720 205,853,500 357,995,660,000

Jul 1,800 890 900 146,053,000 225,003,800,000

Aug 910 860 880 243,663,500 216,212,110,000

Sep 910 880 900 344,873,500 307,784,140,000

Oct 930 870 910 301,576,500 269,748,510,000

Nov 1,020 900 1,010 409,632,500 396,621,270,000

Dec 1,090 1,000 1,070 100,716,000 106,183,900,000

Sha

re P

rice

(Rp)

Volume

Summary of Share Trading at Jakarta Stock Exchange in 2005

Stock Price (Rp) Stock Trading

Month Highest Lowest Closing Volume (unit) Amount (Rp)

Jan 1,680 1,390 1,510 26,874,000 40,885,795,000

Feb 1,530 1,490 1,510 14,488,500 21,880,235,000

Mar 1,550 1.490 1,500 27,100,500 41,349,150,000

Apr 1,520 1,470 1,480 21,020,500 31,464,425,000

May 1,490 1,450 1,470 18,924,500 27,806,635,000

Jun 1,500 1,450 1,470 18,500,000 27,377,530,000

Jul 1,650 1,450 1,630 107,334,500 168,956,365,000

Aug 1,660 1,600 1,620 67,542,500 110,149,165,000

Sep 1,640 1,600 1,630 16,501,500 26,772,270,000

Oct 1,670 1,620 1,650 26,315,000 43,269,755,000

Nov 1,690 1,630 1,680 22,806,500 38,022,045,000

Dec 1,770 1,670 1,750 144,400,000 250,072,855,000

Ann

ual R

epor

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2006

6

October:Established under the name of PT Tunggal Reksakencana.

Milestones

January:Started Lippo Karawaci township, located in the regency of Tangerang, approximately 30 kilometers west of central Jakarta. The development was designed as a self-contained Edge City beyond the boundaries of Jakarta.

1990 1993 1996

June:Initial Public Offering of 30,800,000 shares and listed on Jakarta Stock Exchange and Surabaya Stock Exchange.

June:Started Tanjung Bunga township, the largest integrated community development in eastern Indonesia.

January:1st Rights Issue of 607,796,000 shares at Rp 500,- per share.

1997 1998