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
34
13. TAXATION continued
f. Deferred tax assets liabilities: continued
December 31, March 31, 2007
2006 2005
2004
Subsidiaries: Tax losses carried forward
8,486,443 1,299,540
1,184,323 4,374,547
Provision for write down of Plasma investments
623,349 623,349
623,349 1,445,348
Provision for employee service entitlements
349,209 2,680,353
2,295,574 1,934,926
Accrued expense 62,425
62,425 62,425
62,425 Fixed assets
539,133 664,012
860,295 1,275,499
Net deferred tax assets – Subsidiaries
8,982,293 4,001,655
3,305,376 6,541,747
Deferred tax assets, net 16,966,860
4,322,465 3,687,269
6,742,374
Deferred tax assets in 2007 has accounted deferred tax liabiities of Sungai Rangit, which was consolidated starting from January 1, 2007, amounted to Rp326,505 as of December 31, 2006.
The utilization of deferred tax assets recognized by the Group is dependent upon future taxable income in excess of income arising from the reversal of existing taxable temporary differences.
As of March 31, 2007, the management believes that the Group, except for Sungai Rangit, will generate sufficient taxable income in the foreseeable future to enable them to realize the deferred
tax assets. Accordingly, Sungai Rangit did not recognize deferred tax asset from its fiscal loss.
g. In January 2007, the Company received tax assessment letters from the Tax Office, which approved to refund the Companys claim for corporate income tax at the amount of Rp3,420,782
from the total claim of Rp3,616,037. Out of the said approved amount, Rp195,255 was charged as part of Licences and permits in the General and administration expenses. From the approved
amount, Rp136,000 was transferred as current period’s prepaid income tax and Rp1,615,220 was already received. The remaining amount of Rp1,669,562, which was received in April 2007, was
reclassified as part of “Other receivables” as of March 31, 2007 Note 6.
14. ACCRUED EXPENSES
December 31, March 31, 2007
2006 2005
2004
Interest 14,844,537
- -
- Professional fees
4,691,300 1,300,000
1,200,000 3,541,702
Employee expenses 3,702,663
3,280,056 2,120,625
1,604,397 Others
4,878,636 2,715,600
1,881,475 4,686,412
Total 28,117,136
7,295,656 5,202,100
9,832,511
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
35
15. LONG-TERM BANK LOANS
