PT SAMPOERNA AGRO Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Nine Months Ended September 30, 2007 and 2006
Expressed in thousands of Rupiah, unless otherwise stated
41 25. RELATED PARTY BALANCES AND TRANSACTIONS
a. Significant related parties intercompany balances are as follows:
2 0 0 7 2 0 0 6
Due to related parties: PT Selapan Permai Lestari
6,635,241 -
Others 73,096
-
Total 6,708,337
-
Percentage to consolidated Total liabilities
1.18 0.00
b. The Company lent US 17,505,000 or equivalent to Rp159,943,185 to Venture Max Resources Pte., Ltd., Singapore, its parent company, to refinance partially its acquisition of the Company’s
shares Note 16. This loan shall be due in one day after the receipt of repayment notice from the Company and bear interest at 3 month LIBOR + 2.5 per annum starting July 1, 2007 Note
16.This receivable was presented as part of “Other Receivables” in the consolidated balance sheet as of September 30, 2007 Note 6.
c. Palma Agro has outstanding exchangeable loan to PT Sampoerna Bio Energi “SBE”, a related party, which entitles Palma Agro to obtain all SBE’s shares, which represented 6.4 share
ownership in Sungai Rangit. This exchangeable loan was presented as part of “Other Receivables” in the 2007 consolidated balance sheet Note 6.
d. The Company and Sungai Rangit have rental commitment with PT Buana Sakti, a related party Note 27d.
The subject entities are considered related parties to the Company andor its Subsidiaries in view of common ownership andor management.
26. MINORITY INTERESTS
a Minority interests in net assets of Subsidiaries are as follows:
2 0 0 7 2 0 0 6
Sungai Rangit 13,564,877
- Aek Tarum
1,807,874 1,446,221
Mutiara Bunda Jaya 992,202
837,351 Telaga Hikmah
844,281 740,819
Binasawit Makmur 679,956
460,685 Gunung Tua Abadi
56,018 87,353
Total minority interest in net Assets of Subsidiaries
17,945,208 3,572,429
Minority interests in net assets of Subsidiaries on September 30, 2007 has accounted beginning balance of minority interests in net asset of Sungai Rangit which was consolidated starting January
1, 2007 amounted to Rp13,679,112.
PT SAMPOERNA AGRO Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Nine Months Ended September 30, 2007 and 2006
Expressed in thousands of Rupiah, unless otherwise stated
42
26. MINORITY INTERESTS continued
b Minority interests in net income loss of Subsidiaries are as follows:
2 0 0 7 2 0 0 6
Sungai Rangit 111,335
- Aek Tarum
318,687 412,566
Mutiara Bunda Jaya 125,361
147,023 Telaga Hikmah
257,097 280,909
Binasawit Makmur 166,817
101,143 Gunung Tua Abadi
14,785 13,171
Total minority interests in net Income loss of Subsidiaries
741,842 954,812
27. SIGNIFICANT AGREEMENTS, COMMITMENTS AND CONTINGENCIES
a. Under the Plasma loan agreement with PT Bank Mandiri Persero Tbk Mandiri Note 8, the Company is required to act as the guarantor avalist for the Plasma farmers’ loan repayments. For
that purpose, the Company will collect the loan repayments from a portion of the proceeds of fresh fruit bunches FFB produced from the farmers’ Plasma areas. If sales of FFB can not fulfill the
required installment, then the Company, as guarantor, will guarantee the insufficiency of the installment amount. The Company is required to purchase all Plasma FFB production until all of the
Plasma loans are settled. All Plasma plantations have been fully developed and transferred to the farmers in 2001.
As of September 30, 2007, total Plasma loan that must be settled by 91 Plasma farmers representing 182 hectares Plasma plantation area amounted to Rp231,000.
b. In accordance with several restructured loan agreements with PT Bank Rakyat Indonesia Persero Tbk, Telaga Hikmah is committed to develop 11,704 hectares, consisting of 5,000 hectares of
Plasma plantation and 6,704 hectares of Inti plantations, which are all located in Ogan Komering Ilir, South Sumatera. As of September 30, 2007, Telaga Hikmah had develop 3,684 hectares of
Plasma plantations.
c. In accordance with the Plasma loan agreement with PT Bank Rakyat Indonesia Persero Tbk., in 2000, Telaga Hikmah TH is required to act as the guarantor avalist for the repayment of Plasma
loan in the agreed schedule and installment, after the loans have been converted to Plasma participants. For that purpose, Telaga Hikmah will collect the loan repayment from a portion of the
sales proceeds of fresh fruit bunches FFB produced from farmers’ Plasma areas. If such proceeds are insufficient for the installment payment, Telaga Hikmah, as the guarantor, has to
cover the difference.
Under the loan agreement with BRI, Mutiara Bunda Jaya MBJ is required to act as guarantor for the Plasma loans under PIR Trans Program until the respective loan amounts are assigned to the
related Plasma participants, while TH is required to act as guarantor for the Plasma loan. After all the Plasma areas are converted and turned over to smallholders, the collateral for the Plasma loan
under the MBJ’s and TH’s loan agreements with BRI shall be the related land right certificates of the Plasma participants. Repayments are to be made out of a portion of the proceeds from the sale
of fresh fruit bunches FFB produced from the farmers’ Plasma areas. MBJ and TH are required to purchase all Plasma FFB production until all of the Plasma loans have been settled.
PT SAMPOERNA AGRO Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Nine Months Ended September 30, 2007 and 2006
Expressed in thousands of Rupiah, unless otherwise stated
43
27. SIGNIFICANT AGREEMENTS, COMMITMENTS AND CONTINGENCIES continued
