PT INDOCEMENT TUNGGAL PRAKARSA Tbk. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2004 and 2003 Expressed in rupiah, unless otherwise stated
21
7. LONG-TERM INVESTMENTS AND ADVANCES TO ASSOCIATED COMPANIES continued
2003
Accumulated Percentage
Equity in Net of
Earnings Ownership
Cost Losses - Net
Carrying Value Investments in Shares of Stock
a. Equity Method PT Cibinong Center Industrial
Estate 50.00
36,624,000,000 17,653,024,080
18,970,975,920 Stillwater Shipping Corporation
50.00 105,500,000
4,457,801,726 4,563,301,726
PT Pama Indo Mining 40.00
1,200,000,000 5,327,171,484
6,527,171,484 PT Indo Clean Set Cement
90.00 464,787,500
464,787,500 -
b. Cost Method Various investees
various 2,799,506,000
- 2,799,506,000
Sub-total 41,193,793,500
8,332,838,370 32,860,955,130
Advances PT Indo Clean Set Cement
13,720,944,026 Less allowance for doubtful accounts
13,789,698,006 Net advances
68,753,980
Total 32,792,201,150
The principal activities of the above investees are as follows:
Investee Country of Domicile
Principal Business Activity PT Cibinong Center Industrial Estate
Indonesia Development of industrial estates
Stillwater Shipping Corporation Liberia
Shipping PT Pama Indo Mining
Indonesia Mining
PT Indo Clean Set Cement Indonesia
Production of clean set cement
The details of the equity in net earnings of associated companies, for the nine months ended September 30, 2004 and 2003 are as follows:
2004 2003
Stillwater Shipping Corporation 3,541,744,605
3,279,625,234 PT Pama Indo Mining
1,831,216,201 1,255,976,183
PT Cibinong Center Industrial Estate 1,072,261,292
2,038,276,603 PT Indotek Engico
- 188,941,054
Total 6,445,222,098
6,762,819,074
a. Based on the minutes of the shareholders’ extraordinary meeting of PT Cibinong Center Industrial Estate CCIE held on June 3, 2003, which was covered by notarial deed No. 7 of Notary Popie
Savitri Martosuhardjo Pharmanto, S.H. of the same date, the shareholders of CCIE agreed to reduce the issued and paid-up capital from Rp 80,248,000,000 to Rp 73,248,000,000. As a result,
the Company’s investment in CCIE was reduced by Rp 3,500,000,000.
PT INDOCEMENT TUNGGAL PRAKARSA Tbk. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2004 and 2003 Expressed in rupiah, unless otherwise stated
22
7. LONG-TERM INVESTMENTS AND ADVANCES TO ASSOCIATED COMPANIES continued
