PT INDOCEMENT TUNGGAL PRAKARSA Tbk. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Years ended December 31, 2004 and 2003 Expressed in rupiah, unless otherwise stated
35
13. CAPITAL STOCK a. Share Ownership
The details of share ownership as of December 31, 2004 and 2003 are as follows:
Number of Shares Percentage
Issued and of
Shareholders Fully Paid
Ownership Amount
HC Indocement GMBH, Germany 2,397,980,863
65.14 1,198,990,431,500 PT Mekar Perkasa
479,735,234 13.03
239,867,617,000 Public and cooperatives
803,515,602 21.83
401,757,801,000
Total 3,681,231,699
100.00 1,840,615,849,500
On November 20, 2003, the Company received a copy of a letter from HC Indocement GMBH to the Chairman of the Badan Pengawas Pasar Modal Bapepam regarding the transfer of 2,254,739,197
shares of the Company from Kimmeridge Enterprise Pte., Ltd., to HC Indocement GMBH. On December 1, 2003, the Company received a copy of a letter from HC Indocement GMBH to the
Chairman of the Bapepam which states that HC Indocement GMBH has purchased 143,241,666 shares from the Government of the Republic Indonesia GOI through the exercise of the put option
of GOI on October 30, 2003. After this acquisition, the number of shares owned by HC Indocement GMBH totaled 2,397,980,863 shares.
The Company’s shares are listed on the Jakarta and Surabaya Stock Exchanges.
b. Warrants A and Warrants C
As of December 31, 2004 and 2003, the Company has 153,382,977 Warrants A issued and outstanding. Up to December 31, 2004, no Warrant A has been exercised.
Warrants A were issued to the creditors of the Company in connection with the debt restructuring at a fixed realization price of Rp3,600 per share, while Warrants C were issued to the shareholders
who did not exercise their pre-emptive rights during the rights issue process in 2001. The period of realization of Warrants A shall be from two 2 to four 4 years and nine 9 months
after the effective date of the debt restructuring which was on December 29, 2000, while Warrants C have a two-year exercise period starting from May 1, 2001 with an exercise price of
Rp1,200 per share for the first year and Rp1,400 for the second year.
As of May 1, 2003 the last exercise date for Warrants C, 8,180 shares were subscribed by the holders of Warrants C at Rp1,400 per share. A total of 698,836,302 Warrants C was forfeited.
All of the above warrants, which are issued at no cost, are naked warrants and listed on the Jakarta and Surabaya Stock Exchanges.
14. ADDITIONAL PAID-IN CAPITAL
This account represents the excess of the amounts received andor the carrying value of converted debentures and bonds over the par value of the shares issued after offsetting all the expenses related
to the issuance of equity securities.
PT INDOCEMENT TUNGGAL PRAKARSA Tbk. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Years ended December 31, 2004 and 2003 Expressed in rupiah, unless otherwise stated
36
15. OTHER PAID-IN CAPITAL
This account represents the difference between the agreed exchange rate for the conversion of the foreign currency debentures into equity and the exchange rate at the date of the transaction.
16. RETAINED EARNINGS In compliance with Corporation Law No. 1 of 1995 dated March 7, 1995, which requires companies to
set aside, on a gradual basis, an amount equivalent to at least 20 of their subscribed capital as general reserve, the shareholders approved the partial appropriations of the Company’s retained
earnings as general reserve during their annual general meetings held on June 23, 2004, June 26, 2003, June 24, 1997 and June 25, 1996 in the amount of Rp25 billion each.
17. SEGMENT INFORMATION BUSINESS SEGMENTS
The Company and Subsidiaries’ businesses are grouped into three major operating businesses: cement, ready mix concrete and other business.
The main activities of each operating business are as follows: Cement
: Produce and sell several types of cement Ready mix concrete
: Produce and sell ready mix concrete Other business
: Investing activity The Company and Subsidiaries’ business segment inf ormation is as follows:
2004 Cement
Ready Mix Concrete Other Business
Elimination Consolidation
REVENUES Sales to external customers
4,433,802,920,543 181,704,453,135
- -
4,615,507,373,678 Inter-segment sales
66,941,789,364 -
- 66,941,789,364
-
Total Revenues 4,500,744,709,907
181,704,453,135 -
66,941,789,364 4,615,507,373,678
RESULTS Segment results
180,684,669,558 1,938,765,030
1,092,891 11,395,144,840
171,227,196,857 Equity in net earnings of
associated companies -
- 13,342,851,763
- 13,342,851,763
Corporate income tax expense
68,546,622,062 NET INCOME
116,023,426,558 ASSETS AND LIABILITIES
Segment assets 9,842,663,860,938
130,006,204,250 2,796,455,509
294,773,931,966 9,680,692,588,731
Long-term investments and advances to associated
companies - net -
- 42,595,860,242
- 42,595,860,242
Net deferred tax assets and prepayments of
income taxes 43,794,227,703
3,929,141,764 -
- 47,723,369,467
Total Assets 9,886,458,088,641
133,935,346,014 45,392,315,751
294,773,931,966 9,771,011,818,440
Segment liabilities 5,285,626,663,422
52,988,022,748 690,000,000
295,039,918,264 5,044,264,767,906
Net deferred tax liabilities 61,494,499,224
- -
- 61,494,499,224
Total Liabilities excluding deferred gain on sale-and-
leaseback transaction - net 5,347,121,162,646 52,988,022,748
690,000,000 295,039,918,264
5,105,759,267,130
PT INDOCEMENT TUNGGAL PRAKARSA Tbk. AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Years ended December 31, 2004 and 2003 Expressed in rupiah, unless otherwise stated
37
17. SEGMENT INFORMATION continued
