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
40
19. COST OF SALES continued
Beginning balance of FFB, CPO and PK in 2007, includes balance of Sungai Rangit which was started to be consolidated on January 1, 2007 amounted to Rp2,352,369.
20. OPERATING EXPENSES
Consolidated operating expenses were as follows:
2 0 0 7 2 0 0 6
Salaries, wages and employees’ compensation 25,373,318
18,476,935 Professional fees
2,169,860 738,395
Licenses and permits 3,107,599
420,431 Travelling and depreciation
1,603,958 1,035,677
Marketing 3,090,107
3,221,091 Depreciation and amortization
920,966 695,303
Land claims 4,700,802
- Rental
566,354 161,500
Others 3,871,417
2,190,534
Total 45,404,381
26,939,866
21. INTEREST EXPENSES
Interest expenses were as follows: 2 0 0 7
2 0 0 6
Interest on bank loans: Inti
46,025,496 18,540,866
Plasma 89,843
694,538 Less portion capitalized to:
Advances for plasma plantations Note 8 89,843
694,538
Total 46,025,496
18,540,866
22. INTEREST INCOME Interest income were as follows:
2 0 0 7 2 0 0 6
Current Accounts
1,081,947 1,257,400
Time deposits
2,432,279 349,873
Total 3,514,226
1,607,283
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
41
23. ADDITIONAL PAID IN CAPITAL
Additional Paid In Capital are as follows:
2 0 0 7 2 0 0 6
Paid In Capital 987,289,000
- Less : Initial Public Offering Charges
54,158,226 -
Total 933,130,774
-
24. RELATED PARTY BALANCES AND TRANSACTIONS
a. Significant related parties intercompany balances are as follows:
2 0 0 7 2 0 0 6
Due to related parties: PT Selapan Permai Lestari
6,635,241 -
Others 72,000
-
Total 6,707,241
-
Percentage to consolidated Total
liabilities 0.53
0.00
b. Sungai Rangit has an outstanding convertible loan amounting to Rp4,925,258 to POSSE Limited, a related party established in Republic of Seychelles. The convertible loan will be considered due
if Sungai Rangit has fully settled its tax assesments fo the fiscal years 1998 to 2005. Sungai Rangit has an option to repay all of the loan into additional share capital. This convertible loan,
which is non-interest bearing, was presented as “Other Long-Term Liability” in the 2007 consolidated balance sheet.
c. The Company lent US 17,505,000 or equivalent to Rp159,610,590 to Venture Max Resources Pte., Ltd., Singapore, its parent company, to refinance partially its acquisition of the Company’s
shares Note 15. This loan shall be due in one day after the receipt of repayment notice from the Company and bear interest at 3 month LIBOR + 2,5 per annum starting July 1, 2007 Note
15.This receivable was presented as part of “Other Receivables” in the consolidated balance sheet as of June 30, 2007 Note 6.
d. Palma Agro has outstanding exchangeable loan to PT Sampoerna Bio Energi “SBE”, a related party, which entitles Palma Agro to obtain all SBE’s shares, which represented 6.4 share
ownership in Sungai Rangit. This exchangeable loan was presented as part of “Other Receivables” in the 2007 consolidated balance sheet Note 6.
e. The Company and Sungai Rangit have rental commitment with PT Buana Sakti, a related party Note 26d.
The subject entities are considered related parties to the Company andor its Subsidiaries in view of common ownership andor management.
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
42
25. MINORITY INTERESTS
