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III. INDEBTEDNESS SUMMARY
The following table sets out on an actual basis the Companys consolidated liability as of June 30, 2015 and for 6 six months period ended on that day, which stated in the prospectus audited by KAP Tanudiredja, Wibisana, Rintis Partner
mambers ofPricewaterhouseCoopers, independent auditors, based on Audit Standard assigned by IAPI, with unqualified opinion.
Company’s consolidated liability balance as of 30 June 2015 is Rp14,420.2 bilions which consist of current liabilities of Rp12,903.1 bilions and long term liabilities of Rp1,517.1 bilions with details as follows:
in bilion Rupiah
DESCRIPTION AMOUNT
Current Liabilities
Borrowings Third parties
1,573.8 Related parties
2,326.4 Trade and other payables
Third parties 2,306.1
Related parties 1,093.4
Tax payable Income tax payable
326.5 Other parties
479.8 Excise Tax Payable
3,608.9 Accruals
148.5 Employee Benefit Liabilitiees
Short term 556.9
Accrued expense short term
76.4 Other Payables
– Short term 388.3
Finance Lease Payable Short term
18.1
Non-current Liabilities Employee benefit liabilities
1,434.6 Deffered tax liabilities
0.4 Finance lease payable
28.1 Deffered revenue
53.9
TOTAL LIABILITY 14,420.1
A. Current Liabilities 1. Borrowings
Borrowing balance as per 30 June 2015 is Rp3,900.2 bilion both in Rupiah and US, which consist of third parties borrowing of Rp1,573.8 bilion and related parties borrowing of Rp2,326.4 bilion. Third parties borrowing consist of
working capital borrowing from several banks such as Deutsche Bank AG “Deutsche”, Sumitomo Mitsui Indonesia
Bank “Sumitomo” and Citibank N.A “Citibank”, whereas related parties borrowings come from Philip Morris Finance
SA. For the six-month period ended June 30, 2015, the annual interest rate that applies for loans from a third party in the
above amount range between 7.42 to 8.70, while the annual interest rate applicable to US loans from related parties in the aforementioned range from 6.57 to 7.90 .
The Company may at any time carry out transactions that hedge on interest rates andor foreign currency exchange rates that required by lenders associated with the facilities provided.
On June 30, 2015, the Company has complied with all the requirements for short-term loans from third parties and in the framework of implementation of this LPO, the Company does not require the approval of each lender mentioned
above.
2. Trade and Other Payables
Trade and other payables balance as per 30 June 2015 is Rp3,399.5 bilion, which consist of third parties borrowing of
Rp2,306.1 bilion and related parties borrowing of Rp1,093.4 bilion. Trade and other payables - third parties are mostly derived from purchases of cloves, tobacco, flavour, sauce,
wrapping materials, advertising and promotion expenses, and fixed assets.
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3. Tax Payable
Tax payable balance as per 30 June 2015 is Rp806.3 bilion, consist of:
in bilion Rupiah
DESCRIPTION AMOUNT
Income Tax Expense Article 25
314.6 Article 29
11.9 Other
Other Income Tax Expense 37.0
Value Added Tax 442.5
Others 0.2
TOTAL TAX PAYABLE 806.3
4. Excise Tax Payable
Excise tax payable represents payables arising from the purchase of excise tax stamps. Excise tax payable balance as per 30 June 2015 is Rp3,608.9 bilion.
5. Accruals
Accruals balance as per June 30, 2015 is Rp148,5 bilion, consist of:
in bilion Rupiah
DESCRIPTION AMOUNT
Production costs 65.7
Advertising and promotion 36.4
Distribution 22.0
Others 24.4
TOTAL 148.5
6. Employee Benefit Liabilities
Employee benefit liabilities balance as per June 30, 2015 is Rp556.9 billion.
7. Deffered Revenue Deffered revenue balance as per June 30, 2015 is Rp76.4 billion.
8. Other Short-term Financial Liability
Other short-term financial liability balance as per June 30, 2015 is Rp388.3 billion.
9. Finance Lease Liability Finance lease liability balance as per June 30, 2015 is Rp18.1 billion.
B. Non-current Liabilities 1. Employee Benefit Liabilities
Employee benefit liabilities balance as per June 30, 2015 is Rp1,434.6 billion, consist of:
in bilion Rupiah
DESCRIPTION AMOUNT
Accrued employee benefit 510.9
Post-employment benefit 1,480.6
Less – Current portion
556.9
TOTAL 1,434.6
2. Deferred Tax Liability Deferred tax liability balance as per June 30, 2015 is Rp0.4 billion.
3. Financial Lease Liability
