These consolidated financial statements are originally issued in Indonesian language.
PT INDOCEMENT TUNGGAL PRAKARSA Tbk. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2003 and 2002 Expressed in rupiah, unless otherwise stated
18
4. TRADE RECEIVABLES continued
The changes in the allowance for doubtful accounts are as follows:
2003 2002
Balance at beginning of year 16,392,497,190
80,189,114,757 Allowance for doubtful accounts of acquired
Subsidiary -
6,554,247,680 Provisions during the year
561,569,728 1,679,716,540
Receivables written off during the year 3,621,975,175 70,422,632,360
Collection of accounts written off during the
year -
477,014,510 Reclassification to allowance for doubtful
accounts of other receivables -
1,130,934,917
Balance at end of year 13,332,091,743
16,392,497,190
Based on the review of the status of the individual receivable accounts at the end of the year, management believes that the above allowance for doubtful accounts is sufficient to cover any
possible losses that may arise from uncollectible accounts.
Trade receivables are used as collateral to secure the long-term loans from banks and financial institutions see Note 11.
The aging of trade receivables based on their currency denominations as of December 31, 2003 are as follows:
Currency U.S. Dollar
Rupiah In Equivalent Rupiah
Total Current
243,202,243,193 22,748,551,497
265,950,794,690 Overdue:
1 - 30 days 23,894,526,202
- 23,894,526,202
31 - 60 days 13,881,188,250
- 13,881,188,250
61 - 90 days 8,656,702,955
- 8,656,702,955
Over 90 days 13,179,673,267
5,083,899,244 18,263,572,511
Total 302,814,333,867
27,832,450,741 330,646,784,608
5. TRANSACTIONS AND ACCOUNTS WITH RELATED PARTIES
In the normal course of their business, the Company and Subsidiaries entered into transactions with related parties. Related parties are those entities which are under common controlownership as the
Company and Subsidiaries. The significant transactions and related account balances with related parties are as follows:
These consolidated financial statements are originally issued in Indonesian language.
PT INDOCEMENT TUNGGAL PRAKARSA Tbk. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
December 31, 2003 and 2002 Expressed in rupiah, unless otherwise stated
19
5. TRANSACTIONS AND ACCOUNTS WITH RELATED PARTIES continued
