PT. TUNAS BARU LAMPUNG Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
JUNE 30,2005 AND 2004 AND FOR THE SIX MONTHS PERIOD THEN ENDED Continued
- 18 -
January 01, June 30,
2004 Additions
Deductions 2004
Rp 000 Rp 000
Rp 000 Rp 000
Accumulated depreciation: Direct acquisitions
Buildings and land improvement
26,219,297 3,099,288
- 29,318,585
Machinery 75,807,123
8,771,454 -
84,578,577 Vehicles and heavy
equipment 32,216,780
4,970,092 418,022
36,768,850 Furniture, fixtures and
equipment 28,429,940
6,552,657 9,105
34,973,492
Total 162,673,140
23,393,491 427,127
185,639,504 Net Book Value
365,225,795 371,561,177
Changes During 2004
10. PROPERTY FOR LEASE
This account represents the net book value of a tanker ship, a barge and a tug boat for lease, as follows:
2005 2004
Rp 000 Rp 000
Cost 18,829,829
18,708,825 Accumulated depreciation
7,889,207 6,642,722
Net Book Value 10,940,623
12,066,103 The Company purchased a tanker ship, a barge and a tug boat for Rp 16,500,000 thousand from
PT Budi Samudra Perkasa BSP, a related party. The acquisition of these assets was notarized by deed No. 6 dated April 27, 1998 of Inggraini Yamin, SH, at that time public notary in Kabupaten
Daerah Tingkat II Tangerang at Tigaraksa. Subsequently, the Company appointed BSP, in a cooperation agreement dated August 1, 1998, to operate the vessels for three years starting
August 2, 1998. Under the agreement BSP will be entitled to all freight income generated by the vessels but should pay an annual compensation to the Company in the amount of Rp 1,000,000
thousand for the tanker ship and Rp 600,000 thousand for the tug boat and barge. In August 2004, the Company and BSP agreed to extend the term of the agreement until August 8,2007.
In April 2003, the Company has bought a barge from the third party amounted to Rp 2.188.047 thousand, which under Cooperation Agreement, the Company appointed BSP to operate the
Company‟s barge in the amounted of Rp 2,188,047 thousand for three years starting from August 4, 2003. Under the agreement BSP will be entitled to all freight income generated by the vessels
but should pay an annual compensation to the Company in the amount of Rp 150,000 thousand which will be paid every six month.
PT. TUNAS BARU LAMPUNG Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
JUNE 30,2005 AND 2004 AND FOR THE SIX MONTHS PERIOD THEN ENDED Continued
- 19 - Management believes that the carrying value of property for lease does not exceed the
replacement cost or recoverable amount from the sale or use of the assets and there were no impairment in value of the aforementioned assets.
11. TRADE ACCOUNTS PAYABLE
