REG - Jardine Matheson Hdg - EXTRACTIVE SECTOR: PAYMENTS TO GOVTS REPORT 2023

Jardine Matheson HoldingsAnnouncement

27/06/2024 10:30

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RNS Number : 1608U  Jardine Matheson Hldgs Ltd  27 June 2024

Jardine Matheson Holdings Limited

Extractive Sector: Payments to Government Report 2023

Introduction

Background
The United Kingdom ("UK") Reports on Payments to Governments Regulation 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 Regulation enacts
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 2023 (1st January - 31st
December 2023) in respect of their activities 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. state-owned entity)
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 foreign exchange rates
determined by PwC HK that engaged with Jardine Matheson Holdings Limited.

Materiality
Payments made as single payment, or as a series of related payments, that
equal or exceed USD107,286 (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.     Royalties

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, production, and compensation fund for the
unfulfilled minimum 25% Domestic Market Obligation ("DMO"), which are
calculated by certain formula of production quantity.

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 the
Government of Indonesia which presented in Governments Report and Project
Report.

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

(in USD)

                              Taxes        Royalties    Fees        Total
 State Treasury (Kas Negara)  546,698,035  291,224,099  27,668,099  865,590,233

 

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

(in USD)

                                           Taxes        Royalties    Fees        Total        Governments
 Project
 Martabe, North Sumatera Project           46,114,947   26,023,040   1,785,406   73,923,393   State Treasury (Kas Negara)
 Kapuas, Central Kalimantan Project        262,936,498  261,082,535  24,761,229  548,780,262  State Treasury (Kas Negara)
 North Barito, Central Kalimantan Project  -            -            203,493     203,493      State Treasury (Kas Negara)
 Banjar, South Kalimantan Project          3,367,054    4,118,524    752,578     8,238,156    State Treasury (Kas Negara)
 Sumbawa Project                           -            -            165,393     165,393      State Treasury (Kas Negara)
 Entity Level Payment
 Pamapersada Nusantara                     169,357,874  -            -           169,357,874  State Treasury (Kas Negara)
 Pama Indomining                           259,192      -            -           259,192      State Treasury (Kas Negara)
 Kalimantan Prima Persada                  64,662,470   -            -           64,662,470   State Treasury (Kas Negara)
 TOTAL                                     546,698,035  291,224,099  27,668,099  865,590,233

 

This Report is available for download from
https://www.jardines.com/en/about-us/corporate-governance
(https://www.jardines.com/en/about-us/corporate-governance) .

Jonathan Lloyd, Jardine Matheson Limited

for and on behalf of Jardine Matheson Holdings Limited

27th June 2024

www.jardines.com (http://www.jardines.com)

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