PT SAMPOERNA AGRO Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Six Months Ended June 30, 2007 and 2006
Expressed in thousands of Rupiah, unless otherwise stated
37
16. PROVISION FOR EMPLOYEE SERVICE ENTITLEMENTS
The Group recorded the provision for employee service entitlements based on the calculation, performed by an independent actuary, using the “Projected Unit Credit” method, with the following
primary assumptions:
2 0 0 7 2 0 0 6
Discount Rate 10 - 10,5 p.a.
11 p.a. Progressive salary rate
8 - 10 p.a. 11 p.a.
Mortality rate Tabel CSO - 1980 Tabel CSO – 1980
Retirement age 55 tahun
55 tahun
The movement in the provision for employee service entitlements are as follows:
2 0 0 7 2 0 0 6
Beginning balance 10,050,823
9,087,296 Beginning balance of Sungai Rangit
803,761 -
Expense recognized in the current year 388,714
- Curtailment loss
37,719,064 -
Actual benefit payment 47,769,887
-
Ending balance 1,192,475
9,087,296
In relation to the change in the Company’s shareholders, in February 2007, the Group has made severance payment totalling to Rp47,769,887 to their employees, which was computed based on
Labor Law No. 13. Consequently, the Group has incurred additional severance payments of Rp37,719,064, which was recorded as part of “Other Income Expenses” in the statement of income
for the three-months ended March 31, 2007.
17. SHARE CAPITAL
The share capital ownership of the Company as of June 30, 2007 and 2006 is as follows:
Issued and
Number of shares Percentage of ownership
paid up capital Shareholders
2007 2006
2007 2006
2007 2006
Venture Max Resources Pte,,Ltd,, Singapore
1,357,217,500 -
71.8 -
271,443,500 -
PT Nitiagro Lestari 71,432,500
- 3.8
- 14,286,500
- Public
461,350,000 -
24.4 -
92,270,000 -
Salikin -
314,300,000 -
60.72 -
157,150,000 Chan Ardjoean
- 81,900,000
- 15.82
- 40,950,000
Surya Chandra -
27,280,000 -
5.27 -
13,640,000 Suprianto
- 27,280,000
- 5.27
- 13,640,000
Edi Darsono -
27,280,000 -
5.27 -
13,640,000 Lie Sioe Hong
- 27,280,000
- 5.27
- 13,640,000
Yasin Chandra -
5,200,000 -
1.00 -
2,600,000 Ir, Alamsyah Chaibun
- 3,140,000
- 0.62
- 1,570,000
Daman Leo -
2,720,000 -
0.52 -
1,360,000 Endah Mintarsih Chan
- 640,000
- 0.12
- 320,000
Djudju Srimurni Chan -
640,000 -
0.12 -
320,000
Total 1,890,000,000
517,660,000 100.00
100.00 378,000,000
258,830,000
PT SAMPOERNA AGRO Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Six Months Ended June 30, 2007 and 2006
Expressed in thousands of Rupiah, unless otherwise stated
38
17. SHARE CAPITAL continued
