PT INDOCEMENT TUNGGAL PRAKARSA Tbk. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Years ended December 31, 2004 and 2003 Expressed in rupiah, unless otherwise stated
46
22. SIGNIFICANT AGREEMENTS, COMMITMENTS AND CONTINGENC IES continued 2004
2003
PT Primasindo Cipta Sarana 132,280,785,739
- PT Royal Inti Mandiri Abadi
129,657,009,477 -
PT Intimegah Mitra Sejahtera 121,468,901,304
- PT Royal Inti Mega Utama
119,565,032,363 253,334,247,039
PT Kharisma Mulia Abadijaya 112,002,495,185
- PT Kirana Semesta Niaga
106,650,099,685 -
PT Adikarya Maju Bersama 106,524,582,126
- PT Angkasa Indah Mitra
102,993,224,037 -
PT Sumber Abadi Sukses 99,475,157,117
- PT Citrabaru Mitra Perkasa
92,160,302,035 -
PT Cipta Pratama Karyamandiri 76,155,955,234
-
Total 3,395,213,667,088 3,114,023,349,294
The total outstanding receivables from these sub -distributors amounting to Rp287,340,021,786 and Rp197,832,649,664 as of December 31, 2004 and 2003, respectively, are recorded as part of
“Trade Receivables - Third Parties” account in the consolidated balance sheets. f. In 2004, the Company and DAP entered into lease ag reements with PT Serasi Tunggal Mandiri for
the lease of office space and car park located at Wisma Indocement. Rental expenses charged to current operations amounted to Rp10,168,243,720 in 2004.
g. In the EGMS held on March 29, 2001, the independent shareholders approved the exclusive export distribution agreement between the Company and HCT Services Asia Pte., Ltd. formerly HC
Trading International Inc., an HC subsidiary, under the following terms and conditions see Note 17:
• HCT Services Asia Pte., Ltd.
HCT will act as the Company’s exclusive export distributor. •
The Company shall invoice HCT at a net price equivalent to the U.S. dollar FOB sales price invoiced by HCT to its customers, less:
- 5.5 on the first one million tons shipments per year.
- 3.0 on shipments in excess of one million tons per year.
• The export distribution agreement is effective for twenty 20 years.
Total sales discounts granted to HCT amounted to approximately US2.6 million in 2004 and US2.0 million in 2003.
h. The Company has an outstanding agreement with PT Rabana Gasindo Usama Rabana whereby Rabana will build and own the distribution and receiving facilities for natural gas at Tegal Gede -
Citeureup with a capacity of 18 MMSCFD. The Company will pay compensation of US0.45 per MMBTU of natural gas delivered as gas transportation fee and US0.02 per MMBTU of natural
gas delivered as technical fee. The agreement also provides for a minimum annual delivery of natural gas by the Company. If the Company is unable to ut ilize the minimum volume as stated in
the agreement,
PT INDOCEMENT TUNGGAL PRAKARSA Tbk. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Years ended December 31, 2004 and 2003 Expressed in rupiah, unless otherwise stated
47
22. SIGNIFICANT AGREEMENTS, COMMITMENTS AND CONTINGENCIES continued
