These consolidated financial statements are originally issued in Indonesian language.
PT INDOCEMENT TUNGGAL PRAKARSA Tbk. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Three months ended March 31, 2008 and 2007 Expressed in rupiah, unless otherwise stated
34
12. LONG-TERM LOANS FROM BANKS AND FINANCIAL INSTITUTIONS continued
The above Facility agreement the “agreement” covers certain matters, among others: i cross default between the Company and the Guarantor should the Company or the Guarantor not
be able to pay any of its financial indebtedness with an outstanding amount in excess of US25,000,000 on the due date
ii negative pledge whereby the Company shall not, among others: a. pledge, sell, transfer, dispose of any of its assets on terms whereby they are or may be leased to
or re-acquired by the Company b. sell, transfer, or otherwise dispose of any of its receivables or recourse them
c. items a and b do not apply for transactions in the ordinary course of business. On July 5, 2007, the agreement was amended concerning, among others, the minimum amount of the
outstanding financial indebtedness in which cross default may occur, which was increased from US25,000,000 to US50,000,000.
On December 14, 2007, the Company fully repaid its outstanding loan from the Facility totaling Rp441,049,280,051 consisting of US17,789,474, JP¥1,108,000,000 and Rp 179,894,736,840.
13. OBLIGATIONS UNDER CAPITAL LEASE
The future minimum lease payments required under the lease agreements as of March 31, 2008 and 2007 are as follows:
Years 2008
2007
_____________________________
2007 -
2,853,773,053 2008
51,878,439,640 3,412,955,776
2009 51,491,751,516
3,208,944,509 2010
38,354,917,231 -
2011 853,445,613
- Total
142,578,554,000 9,475,673,338
Add residual
value 2,469,821,000
50,000,000 Less amounts applicable to interest
14,574,739,169 1,377,991,301
Present value of minimum lease payments 130,473,635,831
8,147,682,037 Current
maturities 56,201,926,913
2,953,637,895
Long-term maturities 74,271,708,918
5,194,044,142 a. The
Company
In November 2006, the Company entered into finance lease transaction with PT ABN-AMRO Finance Indonesia AAFI covering certain transportation equipment units for a total amount of
Rp15,180,159,620. The lease period is for 36 months and the Company has an option to purchase the leased assets by payment of the residual value of Rp10 million for each equipment at the end of
the lease period.
In December 2006, the Company entered into a sale-and-leaseback transaction with AAFI for the sale-and-leaseback of transportation equipment units for a total leaseback value of
Rp3,650,660,000. The lease period is for 36 months and the Company has an option to purchase the leased assets by payment of the residual value of Rp10 million for each equipment at the end of
the lease period.
These consolidated financial statements are originally issued in Indonesian language.
PT INDOCEMENT TUNGGAL PRAKARSA Tbk. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Three months ended March 31, 2008 and 2007 Expressed in rupiah, unless otherwise stated
35
13. OBLIGATIONS UNDER CAPITAL LEASE Continued
