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Tuesday 30 June, 2020

Jardine Matheson Hdg

Extractive Sector: Payments to Govts Report 2019

RNS Number : 5240R
Jardine Matheson Hldgs Ltd
30 June 2020
 

Jardine Matheson Holdings Limited
Extractive Sector: Payments to Governments Report 2019



Introduction

Background

The United Kingdom ("UK") Reports on Payments to Governments Regulations 2014 (UK Regulations), as amended in December 2015, require UK companies in the extractive sector to publicly disclose payments made to governments in the countries where they undertake extractive operations. The UK Regulations enact domestic rules in line with Directive 2013/34/EU and apply to large UK incorporated companies that are involved in the exploration, prospection, discovery, development and extraction of minerals, oil, natural gas deposits, or other materials. The aim of Directive 2013/34/EU and the UK Regulations is to enhance transparency in the extractive sector by imposing reporting requirements relating to payments to governments.

The UK's Disclosure Guidance and Transparency Rules extend the disclosure requirements to companies that have securities listed on a UK regulated market, including Jardine Matheson Holdings Limited (in which PT United Tractors Tbk and its subsidiaries, direct and indirect subsidiaries of PT Astra International Tbk (hereinafter referred as "Astra"), are its subsidiaries).

Reporting Entities

This report provides an overview of the payments to governments made by PT United Tractors Tbk and its subsidiaries undertakings, particularly PT Pamapersada Nusantara and PT Danusa Tambang Nusantara and their subsidiaries (hereinafter referred to as "UT"), for the year ended 2019 (1st January - 31st December 2019) in respect of their activities in the extractive sector which are located in Indonesia.

Extractive Activities

UT, through their subsidiaries are engaged in extractive operations as coal and gold mining concession holders in several locations in Indonesia (North Sumatra, Central Kalimantan, South Kalimantan and West Nusa Tenggara). PT Pamapersada Nusantara (a subsidiary of UT) and its subsidiaries are also involved in mining contracting activities for third parties.


Reporting Principles

Scope and Validity

This Report discloses payments made to governments for activities related to exploration, discovery, development and extraction for legal entities involved in extractive activities.

Government

Government includes any national, regional or local authority of a country, and includes a department, agency or undertaking (i.e. corporation) controlled by that authority.

Project

Payment types are required to be reported by project. A project is defined as the operational activities that are governed by a single contract, license, lease, concession or similar legal arrangements and form the basis for payment liabilities with a government. If multiple and such agreements are 'substantially interconnected', they are to be treated as a single project. 'Substantially interconnected' means forming a set of operationally and geographically integrated contracts, licenses, leases or concessions or related agreements with substantially similar terms that are signed with a government, giving rise to payment liabilities.

Reporting Currency

Amounts in this Report are expressed in US Dollars ("USD"). Payments to Government other than in USD are translated based on the average annual foreign exchange rate.

Materiality

Payments made as a single payment, or as a series of related payments, that equal or exceed USD109,818 (equivalent to GBP86,000) during the year, are required to be disclosed.

Payment

All payments on this Report are presented on cash basis.

 

i.  Taxes

These payments represent several taxes levied on the income, production or profits of companies. These include corporate income tax and land and building tax for the mining sector. Value added taxes, personal income taxes, sales (export) taxes, land and building tax for the non-mining sector, motor vehicle license and catering service taxes are excluded.

 

ii.  Royaltie s

These payments represent usage-based payments for the right to extract natural resources which are calculated by a specific percentage of the sales amount.

 

iii.  Fees

These payments are typically levied on the right to use a geographical area for exploration, development and production.
 

There were no payments to government for dividends, bonuses, production entitlements and infrastructure improvements.


Consolidated Overview

The consolidated overview discloses the sum of Astra's payments to Government in Indonesia which presented in Governments Report and Projects Report.

Governments Report

The following table discloses the sum of Astra's payments per payment type to State Treasury (Kas Negara).


(in USD)

 

Taxes

Royalties

Fees

Total USD

State Treasury (Kas Negara)

455,514,661

99,145,018

4,960,820

599,620,499

 

Projects Report

The table below discloses the sum of Astra's payments per project and per payment type.

(in USD )

 

Taxes

Royalties

Fees

Total USD

Governments

Project

 

 

 

 

 

Kapuas, Central Kalimantan Project

55,783,665

76,784,338

3,746,538

136,314,541

State Treasury (Kas Negara)

Martabe, North Sumatera Project

106,032,470

21,356,218

854,894

128,243,582

State Treasury (Kas Negara)

Banjar, South Kalimantan Project

149,788

1,004,462

1,154,250

State Treasury (Kas Negara)

North Barito, Central Kalimantan Project

205,158

205,158

State Treasury (Kas Negara)

Sumbawa Project

154,230

154,230

State Treasury (Kas Negara)

Entity Level Payment

 

 

 

 

Kas Negara (State Treasury)

Pamapersada Nusantara

251,316,266

251,316,266

State Treasury (Kas Negara)

Kalimantan Prima Persada

41,862,371

41,862,371

State Treasury (Kas Negara)

Pama Indomining

370,101

370,101

State Treasury (Kas Negara)

Total

455,514,661

99,145,018

4,960,820

559,620,499

 

 

This Report is available for download from http://www.jardines.com/en/ir/regulatory.html .


Jonathan Lloyd, Jardine Matheson Limited
for and on behalf of Jardine Matheson Holdings Limited

30th June 2020


www.jardines.com


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