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
20
5, TRADE RECEIVABLES
2 0 0 7 2 0 0 6
PT Sinar Alam Permai -
1,621,633 PT Asianagro Agung Jaya
- 1,167,338
Total -
2,788,971
6. OTHER RECEIVABLES
2 0 0 7 2 0 0 6
Third parties : Loan to employees
3,717,539 447,879
Due from plasma participants 167,066
298,511 Cooperative receivable
838,629 306,519
Contractor receivable 425,435
- Interest receivable
3,238,504 -
Others 7,256,488
57,006 Total
15,643,661 1,109,915
Related parties : Venture Max Resources Pte., Ltd.,
Singapore Notes 16 dan 25b 159,943,185
- PT Sampoerna Bio Energi Note 25c
17,335,785 -
Total 177,278,970
-
Management believes that all other receivables are fully collectible, and no provision for losses is necessary.
7. INVENTORIES
2 0 0 7 2 0 0 6
Finished goods: Crude palm oil CPO
45,237,089 11,838,742
Palm kernel PK 7,726,920
4,012,214 Finished goods of CPO and PK
Note 20 52,964,009
15,850,956 Fertilizers, spare parts and maintenance supplies
31,374,368 18,558,821
Germinated seeds Note 20 7,927,264
5,318,261 Fresh fruit bunches FFB Note 20
1,284,915 947,219
Rubber slabs and clumps 80,645
226,908
Total 93,631,201
40,902,165
Inventories owned by Mutiara Bunda Jaya, Aek Tarum and Gunung Tua Abadi were pledged as collateral for bank loans Note 16.
As of September 30, 2007, all inventories were covered by insurance against losses from fire and other risks under blanket policies with insurance coverage totalling Rp114,782,073, which in the
management’s opinion is adequate to cover possible losses from such risks.
Management believes that inventories are realizable, hence no provision for inventory obsolescence is necessary.
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
21
8. ADVANCES FOR PLASMA PLANTATIONS – NET
2 0 0 7 2 0 0 6
Advances for Plasma plantations Beginning balance
47,715,493 40,804,323
Additions: Development cost
5,671,549 6,702,500
Capitalized expenses Note 22 89,843
1,028,904 Deductions:
Plasma plantations transferred to Plasma participants at
the conversion price -
2,639,606 Ending balance
53,476,885 45,896,121
Provision for Plasma plantations 2,077,830
2,077,830
Advances, net after provision 51,399,055
43,818,291 2 0 0 7
2 0 0 6
Investment credit Begiinning balance
7,518,816 13,490,600
Addition: Capitalized interest Note 22 89,843
1,028,904 Refund to the bank
- 2,801,249
Assigned to Plasma participants 7,608,659
2,639,607 Ending balance
- 9,078,648
Net 51,399,055
34,739,643
Advances for Plasma plantations
Management believes that the provision for Plasma plantations is adequate to cover possible losses arising from unrecoverable Plasma plantations.
The Company is developing Plasma plantations under an “Anak Angkat Bapak Angkat” AABA scheme and financed in the form of “Kredit Usaha Kecil” KUK and “Kredit Koperasi Primer untuk
Anggota ” KKPA.
Aek Tarum and Mutiara Bunda Jaya are or have been involved in Plasma schemes implemented under Indonesian Government guidelines whereby companies assume responsibility for developing
plantations to the productive stage for transfer to Plasma participants under a PIR-Trans “Perkebunan Inti Rakyat - Transmigrasi” scheme.
Telaga Hikmah has been developing Plasma plantation under KKPA scheme.
Once the plantation areas reach the production stage, these areas will be transferred to Plasma participants who will receive two hectares each.
The Company The Plasma plantations costs as of September 30, 2007, represent the cost of development of 1,316
hectares of Plasma areas, for approximately 658 Plasma participants. The Company, on behalf of Plasma participants, is in the process of obtaining bank financing for the new Plasma areas through the
“Kredit Koperasi Primer Anggota” program.
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
22
8. ADVANCES FOR PLASMA PLANTATIONS – NET continued Mutiara Bunda Jaya
