PT SAMPOERNA AGRO Tbk FORMERLY PT SELAPAN JAYA AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Three Months Ended March 31, 2007
and Year Ended December 31, 2006 With Comparative Figures for 2005 and 2004
Expressed in thousands of Rupiah, unless otherwise stated
41
17. 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:
2007 2006
2005 2004
Discount rate 10 - 10.5 p.a.
11 p.a. 11 p.a.
11 p.a. Progressive salary rate
8 - 10 p.a. 11 p.a.
11 p.a. 11 p.a.
Mortality rate CSO Table - 1980 CSO Table – 1980
CSO Table - 1980 CSO Table - 1980
Retirement age 55 years
55 years 55 years
55 years
The movement in the provision for employee service entitlements are as follows:
December 31, March 31, 2007
2006 2005
2004
Beginning balance 10,050,823
9,087,296 7,630,135
6,806,031 Beginning balance of Sungai Rangit
803,761 -
- -
Expense recognized in the current year 388,712
1,970,515 2,227,087
1,464,950 Curtailment loss
37,719,064 -
- -
Actual benefit payment 47,769,887
1,006,988 769,926
640,846
Ending balance 1,192,473
10,050,823 9,087,296
7,630,135
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.
18. SHARE CAPITAL
The share capital ownership of the Company as of March 31, 2007 and December 31, 2006, 2005 and 2004 is as follows:
Number of Shares Percentage of ownership
Issued and paid up capital Shareholders
2007 2006
2005 2004
2007 2006 2005 2004 2007
2006 2005
2004
Venture Max Resources Pte., Ltd.,
Singapore 542,887,000
- -
- 95
- -
- 271,443,500 -
- -
PT Nitiagro Lestari 28,573,000
- -
- 5
- -
- 14,286,500 -
- -
Salikin - 346,990,512 314,300,000
- - 60.72 60.72
- - 173,495,256 157,150,000
- Chan Ardjoean
- 90,404,972 81,900,000
- - 15.82 15.82
- - 45,202,486 40,950,000
- Surya Chandra
- 30,115,942 27,280,000
1,364 -
5.27 5.27
5.27 - 15,057,971 13,640,000 13,640,000
Suprianto - 30,115,942
27,280,000 1,364
- 5.27
5.27 5.27
- 15,057,971 13,640,000 13,640,000 Edi Darsono
- 30,115,942 27,280,000
1,364 -
5.27 5.27
5.27 - 15,057,971 13,640,000 13,640,000
Lie Sioe Hong - 30,115,942
27,280,000 1,364
- 5.27
5.27 5.27
- 15,057,971 13,640,000 13,640,000 Yasin Chandra
- 5,714,600
5,200,000 260
- 1.00
1.00 1.00
- 2,857,300 2,600,000 2,600,000
Ir, Alamsyah Chaibun -
3,485,906 3,140,000
- -
0.61 0.61
- - 1,742,953
1,570,000 -
Daman Leo -
3,028,738 2,720,000
- -
0.53 0.53
- - 1,514,369
1,360,000 -
Djudju Srimurni Chan -
685,752 640,000
- -
0.12 0.12
- -
342,876 320,000
- Endah Mintarsih Chan
- 685,752
640,000 -
- 0.12
0.12 -
- 342,876
320,000 -
PT Anugrah Karya Utama -
- -
16,072 -
- - 62.10
- -
- 160,720,000 PT Kembangsepatu Alamabadi
- -
- 4,095
- -
- 15.82 -
- - 40,950,000
Total 571,460,000 571,460,000 517,660,000
25,883 100.00 100.00 100.00 100.00 285,730,000 285,730,000 258,830,000 258,830,000
Based on Notarial Deed No. 16 of Linda Herawati, S.H., dated January 9, 2007, the existing shareholders sold their shares in the Company to Venture Max Resources Pte., Ltd. VMR,
Singapore, which resulted to VMR owning 95 shares of the Company.
PT SAMPOERNA AGRO Tbk FORMERLY PT SELAPAN JAYA AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Three Months Ended March 31, 2007
and Year Ended December 31, 2006 With Comparative Figures for 2005 and 2004
Expressed in thousands of Rupiah, unless otherwise stated
42
18. SHARE CAPITAL continued
