These consolidated financial statements are originally issued in Indonesian language.
PT INDOCEMENT TUNGGAL PRAKARSA Tbk. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2003 and 2002 Expressed in rupiah, unless otherwise stated
32
10. TAXATION continued 2003
2002
Income before tax expense and extraordinary item per consolidated statements of income
819,274,777,896 1,441,025,860,166 Extraordinary
item 164,291,843,757
23,854,388,034 Income
before tax
expense 983,566,621,653
1,464,880,248,200 Tax expense at the applicable rate
296,087,048,567 433,994,742,778
Tax effect on permanent differences mainly consisting of employees’ benefits,
donations, public relations expenses and receivables written off in 2002
16,065,098,637 6,121,431,846
Equity in net earnings of associated companies
- net
390,840,157 4,125,229,708
Loss gain on sale of investments in shares of stock 5,339,182,666
2,410,820,292 Income already subjected to final tax
6,438,785,414 10,576,507,962
Tax corrections
11,904,593,718 -
Others 607,283,120
-
Total tax expense per consolidated statements
of income
313,276,896,119 423,832,852,970
f. Deferred tax assets liabilities consist of:
2003 2002
Deferred tax
assets: Company
Tax loss
carryforward 508,685,661,266
744,339,526,105 Allowance for doubtful accounts
and inventory obsolescence 11,608,313,004
3,840,880,835 Accrual
of retirement
benefits 4,909,405,499
- Quarry
restoration cost
1,745,367,302 -
Others 833,851,800
- Sub-total
527,782,598,871 748,180,406,940
Subsidiaries 3,659,625,735
3,308,435,496 Total
531,442,224,606 751,488,842,436
Deferred tax
liabilities: Company
Property, plant
and equipment
523,856,392,226 435,409,806,254
Subsidiaries 598,165,169
- Total
524,454,557,395 435,409,806,254
These consolidated financial statements are originally issued in Indonesian language.
PT INDOCEMENT TUNGGAL PRAKARSA Tbk. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2003 and 2002 Expressed in rupiah, unless otherwise stated
33
10. TAXATION continued 2003
2002
Net deferred tax assets Company
3,926,206,645 312,770,600,686
Subsidiaries 3,352,260,121
3,308,435,496
Total 7,278,466,766
316,079,036,182 Net deferred tax liabilities - Subsidiaries
290,799,555 -
Management believes that the above deferred tax assets can be fully recovered in future periods. 11. LONG-TERM LOANS FROM BANKS AND FINANCIAL INSTITUTIONS
This account consists of loans from:
2003 2002
Third Parties
Rupiah 140,176,222,939
152,257,123,190 U.S.
dollar 2,232,925,944,652
4,148,798,240,010 Japanese
yen 2,807,964,677,250
2,871,210,243,770 Total - Third Parties
5,181,066,844,841 7,172,265,606,970 Related
Parties U.S.
dollar 109,098,664,467
125,150,157,060 Total
5,290,165,509,308 7,297,415,764,030
Less portions currently due 497,318,750,000
299,490,000,000
Long-term portion 4,792,846,759,308 6,997,925,764,030
The balances of the above loans in their original currencies are as follows:
2003 2002
Rupiah Third
parties PT Bank Central Asia Tbk. BCA
89,671,055,874 90,334,470,920
PT Bank Mandiri Persero Tbk. 39,555,739,395
42,964,797,878 JPMorgan Europe Ltd., London formerly
The Chase Manhattan International 10,949,427,670
18,957,854,392
Total rupiah loans 140,176,222,939
152,257,123,190
These consolidated financial statements are originally issued in Indonesian language.
PT INDOCEMENT TUNGGAL PRAKARSA Tbk. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2003 and 2002 Expressed in rupiah, unless otherwise stated
34
11. LONG-TERM LOANS FROM BANKS AND FINANCIAL INSTITUTIONS continued 2003
