MINING PROPERTIES continued 2009 Liquidation Adaro Finance B.V., MEC Indo Coal B.V. and Arindo Global Netherland B.V.
18. SHORT-TERM BANK LOANS continued Syndicated Short-term Loan
On 29 February 2008, Adaro entered into a syndicated loan facility with several banks the “Lenders” which consisted of DBS Bank Ltd and United Overseas Bank Ltd the “WHT Lenders”, and PT ANZ Panin Bank and Standard Chartered Bank Jakarta branch the “WHT Neutral Lenders” whereby DBS Bank Ltd acts as the facility agent. Under this agreement, the Lenders agreed to provide a revolving loan facility amounting to US80 million which expired on 28 February 2009. This facility is charged with interest rates at the London Interbank Offered Rate “LIBOR” plus a certain percentage. On 24 February 2009, this loan was extended until 25 February 2010. In accordance with the terms of the agreement, Adaro is required to maintain certain financial ratios, with which Adaro was in compliance as at 31 December 2009. As at 31 December 2009, the outstanding balance from this loan was US20,000,000 2008: US80,000,000. This loan has the same significant terms and conditions as the long-term Syndicated Loan refer to Note 21a. Based on amended agreement dated 24 February 2009, IBT, Coaltrade and the Company are the guarantors of this facility. In February 2010, this loan has been fully paid by Adaro.19. ROYALTIES PAYABLE 2009
2008 Government royalties payable, net 738,044 576,500 Since 1 July 1999, Adaro has adopted a sales-based cash royalty method to satisfy the Government’s production entitlement refer to Note 1c. Payments of the Government’s entitlement are based on Adaro’s calculation of the net sales price, which is subject to audit by the Directorate of Mineral and Coal Business Supervision, Ministry of Energy and Mineral Resources “MoEMR”. Part of the settlement of the royalty is offset by Adaro with the VAT input refer to Note 34b.20. FINANCE LEASE PAYABLES 2009
2008 PT Komatsu Astra Finance 741,987 899,235 PT Caterpillar Finance Indonesia 35,821 52,53 1 VFS International AB 31,563 62,445 Others each below Rp 30,000 2,187 4,250 811,558 1,018,461 Less: Portion due within one year 335,803 334,810 Non-current portion 475,755 683,651 The future minimum lease payments under the finance lease agreements are as follows: 2009 2008 Payable not later than 1 year 361,373 383,386 Payable later than 1 year and not later than 5 years 494,231 734,330 855,604 1,117,716 Less: Future financing charges 44,046 99,255 Present value of minimum finance lease payments 811,558 1,018,461 The significant general terms and conditions of the finance leases are as follows: - the Group is restricted from selling, lending, leasing, or otherwise disposing of or ceasing to exercise direct control over the leased assets; - the Group is restricted from creating or allowing any encumbrance to all or any part of the leased assets; and - all leased assets are pledged as collateral for the underlying finance lease payables.Parts
» Adaro Energy 2009 Annual Report English
» Quick Ratio Adaro Energy 2009 Annual Report English
» 13.6 9.4 5.5 1.4 38.5 34.4 24.3 20.8 Adaro Energy 2009 Annual Report English
» Transportation Mt Adaro Energy 2009 Annual Report English
» 23.7 Adaro Energy 2009 Annual Report English
» 9.0 -9.4 7.6 -48 -22 Adaro Energy 2009 Annual Report English
» -57 -58 Adaro Energy 2009 Annual Report English
» 5 1 Adaro Energy 2009 Annual Report English
» Financial structure Adaro Energy 2009 Annual Report English
» International TOTAL Adaro Energy 2009 Annual Report English
» The Development of High Yield Rubber Plantations Micro Financing Institute
» Institute for Educational Potential Development of Adaro Partners LP3AP
» GENERAL continued Establishment of the Company and other information
» GENERAL continued Subsidiaries continued
» Scholarships Establishment of the Company and other information continued Subsidiaries continued
» GENERAL continued Coal Cooperation Agreement
» Cooperation Agreement Adaro Energy 2009 Annual Report English
» Barito Channel Cooperation Agreement
» Coal reserves Adaro Energy 2009 Annual Report English
» SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
» Basis of preparation of the consolidated financial statements
» SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES continued
» Principles of consolidation continued
» Foreign currency translation Adaro Energy 2009 Annual Report English
» Receivables Adaro Energy 2009 Annual Report English
» Inventories Adaro Energy 2009 Annual Report English
» Investments in debt and equity securities continued
» Impairment of investment in equity and debt securities
» Fixed assets and depreciation continued
» Impairment of long-lived assets
» Deferred exploration and development expenditure continued
» Leases Adaro Energy 2009 Annual Report English
» Environmental obligations continued Adaro Energy 2009 Annual Report English
» Stripping costs Adaro Energy 2009 Annual Report English
» Deferred financing costs Adaro Energy 2009 Annual Report English
» Deferred expenses Adaro Energy 2009 Annual Report English
» Provision for employee benefits continued
» Taxation Adaro Energy 2009 Annual Report English
» Derivative financial instruments and hedging activities
» Earnings per share Adaro Energy 2009 Annual Report English
» Segment reporting continued Adaro Energy 2009 Annual Report English
» Dividends Adaro Energy 2009 Annual Report English
» ACQUISITIONS, DISPOSALS, AND LIQUIDATION OF SUBSIDIARIES
» ACQUISITIONS, DISPOSALS, AND LIQUIDATION OF SUBSIDIARIES continued
» Acquisition of PT Alam Tri Abadi
» Acquisition of Rachmalta Investments Ltd by Rachpore Investments Pte Ltd continued
» Acquisition of Coronado Holdings Pte Ltd and Orchard Maritime Logistics Pte Ltd
» RESTRICTED CASH AND CASH EQUIVALENTS
» INVENTORIES Liquidation Adaro Finance B.V., MEC Indo Coal B.V. and Arindo Global Netherland B.V.
» DEFERRED EXPLORATION AND DEVELOPMENT EXPENDITURE 2009
» FIXED ASSETS continued Construction in progress continued MINING PROPERTIES 2009
» GOODWILL 2009 Liquidation Adaro Finance B.V., MEC Indo Coal B.V. and Arindo Global Netherland B.V.
» SHORT-TERM BANK LOANS continued Syndicated Short-term Loan
» LONG-TERM BANK LOANS continued b.
» SENIOR NOTES 2009 PT Bank OCBC NISP Tbk
» DERIVATIVE INSTRUMENT PT Bank OCBC NISP Tbk
» DERIVATIVE INSTRUMENT continued b.
» ACCRUED STRIPPING COSTS 2009 MINORITY INTEREST a.
» MINORITY INTEREST continued a.
» SHARE CAPITAL ADDITIONAL PAID-IN CAPITAL 2009
» DIFFERENCE IN VALUE FROM RESTRUCTURING TRANSACTIONS OF ENTITIES UNDER COMMON CONTROL continued
» DIVIDENDS Minority interest in net incomeloss of subsidiaries
» APPROPRIATED RETAINED EARNINGS Minority interest in net incomeloss of subsidiaries
» REVENUE 2009 Minority interest in net incomeloss of subsidiaries
» COST OF REVENUE 2009 OPERATING EXPENSES a.
» OPERATING EXPENSES continued b.
» TAXATION a. Minority interest in net incomeloss of subsidiaries
» TAXATION continued b. Recoverable taxes
» TAXATION continued d. Income tax expense
» TAXATION continued e. Deferred tax assets
» Taxes payable Deferred tax liabilities
» Administration Adaro Energy 2009 Annual Report English
» TAXATION continued i. Tax assessment letter
» TRANSACTIONS AND BALANCES WITH RELATED PARTIES
» Other receivables - related party
» TRANSACTIONS AND BALANCES WITH RELATED PARTIES continued d.
» Trade payables to related parties Cost of revenue
» BASIC EARNINGS PER SHARE 2009
» MONETARY ASSETS AND LIABILITIES SEGMENT REPORTING
» SEGMENT REPORTING continued The nature of relationships with related parties
» SEGMENT REPORTING continued 2008 The nature of relationships with related parties
» SIGNIFICANT AGREEMENTS, COMMITMENTS AND CONTINGENCIES continued a.
» Interest expense Land-Use Cooperation Agreement
» SIGNIFICANT AGREEMENTS, COMMITMENTS AND CONTINGENCIES continued c.
» Royalty claim Adaro Energy 2009 Annual Report English
» Capital expenditures Adaro Energy 2009 Annual Report English
» Banking facility Adaro Energy 2009 Annual Report English
» SIGNIFICANT AGREEMENTS, COMMITMENTS AND CONTINGENCIES continued h.
» Engineering, Procurement and Construction Agreement
» Agency fees Adaro Energy 2009 Annual Report English
» Customer Claims Adaro Energy 2009 Annual Report English
» Legal proceedings Adaro Energy 2009 Annual Report English
» SIGNIFICANT AGREEMENTS, COMMITMENTS AND CONTINGENCIES continued n.
» Amortising Revolving Credit Facility
» Overland Conveyor Construction Contract
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