PT. TUNAS BARU LAMPUNG Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
SEPTEMBER 30,2008 AND 2007 AND FOR THE NINE MONTHS PERIOD THEN ENDED Continued
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7. REAL ESTATE ASSETS
This account represents the remaining units of term used rights hak pakai berjangka in buildings under BOT, with details as follows:
Management believes that the carrying value of real estate assets does not exceed the replacement cost or recoverable amount from the sale or use of the assets, and there was no
impairment in value of the aforementioned assets.
8. PLANTATIONS
Mature Plantation
PT. TUNAS BARU LAMPUNG Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
SEPTEMBER 30,2008 AND 2007 AND FOR THE NINE MONTHS PERIOD THEN ENDED Continued
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Immature Plantation
PT. TUNAS BARU LAMPUNG Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
SEPTEMBER 30,2008 AND 2007 AND FOR THE NINE MONTHS PERIOD THEN ENDED Continued
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9. PROPERTY, PLANT AND EQUIPMENT
PT. TUNAS BARU LAMPUNG Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
SEPTEMBER 30,2008 AND 2007 AND FOR THE NINE MONTHS PERIOD THEN ENDED Continued
- 20 - 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:
The Company‟s properties for lease were bought in 1998 and 2003. The Company appointed PT Budi Samudra Perkasa BSP, a related party, to operate the vessels for 3 years Note 24.
Based on the Cooperation Agreements, BSP is entitled to all freight income generated by the vessels but should pay an annual compensation to the Company with details as follows:
a. Based on Cooperation Agreement for period August 2,2004
– August 8, 2010, annual compensation amount to Rp 1,000,000 thousand for tanker ship and Rp 600,000 thousand
for the tug boat and barge. b.
Based on Cooperation Agreement for period August 2, 2006 – August 4, 2009, annual
compensation amounts to Rp 350,000 thousand for the barged. c.
Based on Cooperation Agreement for period January 2, 2008 – December 31, 2010, annual
compensation amounts to Rp 1.100,000 thousand for the tanker ship. d.
Based on Cooperation Agreement for period January 2, 2008 – December 31, 2010, annual
compensation amounts to Rp 700,000 thousand for the tug boat and barge. e.
Based on Cooperation Agreement for period January 2, 2008 – December 31, 2010, annual
compensation amounts to Rp 250,000 thousand for the tug boat. 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 is no impairment in value of the aforementioned assets as of September 30, 2008 and 2007.
11. TRADE ACCOUNTS PAYABLE
