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
32
15. ACCRUED EXPENSES
2 0 0 7 2 0 0 6
Interest 2,172,550
-
Professional fees
5,875,940 -
Employee expenses 7,894,845
7,538,055 Others
2,446,776 2,504,208
Total 18,390,111
10,042,263
16. BANK LOANS
2 0 0 7 2 0 0 6
PT Bank Central Asia Tbk - Sungai Rangit
192,000,000 -
PT Bank Rakyat Indonesia Persero Tbk: - Telaga Hikmah
- 74,804,460
- Mutiara Bunda Jaya -
44,051,715
Total 192,000,000
118,856,175
Less: current portion of long-term loans PT Bank Rakyat Indonesia Persero Tbk:
- Telaga Hikmah -
19,875,000 - Mutiara Bunda Jaya
- 8,375,000
Total current portion of long term loan -
28,250,000 Long term portion
192,000,000 90,606,175
Credit Suisse, Singapore Branch The Company
On January 26, 2007, the Company obtained a term loan amounting to US100,000,000 from Credit Suisse, Singapore branch. The loan which bears interest at LIBOR plus 2.5 per annum, shall be
repaid in sixteen quarterly installments ranging from US4,600,000 to US8,300,000 starting April 26, 2008 after a grace period of 15 months up to January 26, 2012. Based on the loan agreement, the
loan shall be used mainly for the purpose of i intra-group lending to the Company’s parent for refinancing its existing financial indebtness, ii for funding business expansion, working capital, and
repayment of the existing financial indebtness of the Company and Subsidiaries, and iii to pay costs incurred relation to the loan facility.
The loan contains certain restrictions on the Company, among others, to enter into a merger or acquisition, provide guarantee, change in business, and enter into treasury transactions. The loan also
requires the Company maintain certain financial covenants and financial ratios as mentioned in the agreement.
The loan is collateralizedsecured by the following: 1. Corporate guarantee from Binasawit Makmur, Mutiara Bunda Jaya, Aek tarum, Gunung Tua Abadi
and Telaga Hikmah, all are the subsidiaries of the Company. 2. Shares pledged from the Company, PT Nitiagro Lestari, Venture Max Resources Pte., Ltd.,
Singapore, and Xian Investment Holdings Limited. 3. Moveable assets owned by the Company and Subsidiaries Note 10
4. Land owned by the Company and Subsidiaries Note 10
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
33
16. BANK LOANS continued Credit Suisse, Singapore Branch continued
