PT. TUNAS BARU LAMPUNG Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
SEPTEMBER 30,2005 AND 2004 AND FOR THE NINE MONTHS PERIOD THEN ENDED Continued
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b. Consolidated Subsidiaries
The Company has direct ownership interest in the following subsidiaries:
Nature of Percentage of
Start of Commercial Domicile
Business ownership
Operations PT Bangun Nusa Indah Lampung
Lampung Palm and hybrid
99.99 1997
BNIL Plantations
PT Bumi Sentosa Abadi BSA Lampung
Palm plantation 99.97
1996 PT Budi Dwiyasa Perkasa BDP
Lampung Palm plantation
99.99 1999
PT Budinusa Ciptawahana BNCW Lampung
Palm and horticulture 98.00
2002 PT Adikarya Gemilang AKG
Lampung Pineapple plantation
98.33 1999
PT Bangun Tatalampung Asri BTLA Lampung
Palm plantation 99.71
2000 and real estate
PT Agro Bumi Mas Lampung
Palm Oil Mill 90.00
2003 Subsidiaries
The subsidiaries‟ plantations are located in Central and North Lampung with total area of approximately 37 thousand hectares, with planted areas approximately 28 thousand hectares.
Currently, all of the subsidiaries‟ palm and hybrid crops are sold to the Company.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
a. Consolidated Financial Statement Presentation
The consolidated financial statements have been prepared using accounting principles and reporting practices generally accepted in Indonesia such as the Statements of Financial
Accounting Standards PSAK . And the regulation of the Capital Market Supervisory Agency Bapepam . Such consolidated financial statements are an English translation of the
Company and its subsidiaries‟ statutory report in Indonesia, and are not intended to present the financial position, results of operations, changes in equity and cash flows in accordance
with accounting principles and reporting practices generally accepted in other countries and jurisdictions.
The measurement basis used is the historical cost, except for certain accounts which are measured on the bases described in the related accounting policies, such as inventories, real
estate and property not used in operation which are stated at the lower of cost or net realized value. The consolidated financial statement, except for the consolidated statements of cash
flows , are prepared under the accrual basis of accounting. The consolidated statements of cash flows are prepared using the direct method with
classifications of cash flows into operating, investing and financing activities.
The reporting currency used in preparation of the consolidated financial statements is the Indonesian Rupiah. Unless otherwise stated, all figure presented in the consolidated financial
statements are stated in thousand of Rupiah.
PT. TUNAS BARU LAMPUNG Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
SEPTEMBER 30,2005 AND 2004 AND FOR THE NINE MONTHS PERIOD THEN ENDED Continued
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b. Principles of Consolidation
