PT SAMPOERNA AGRO Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Nine Months Ended September 30, 2007 and 2006
Expressed in thousands of Rupiah, unless otherwise stated
38
18. SHARE CAPITAL continued
On April 11, 2007, based on notarial deed No. 87 of Sutjipto S.H., M.Kn., due to its Initial Public Offering plan, the shareholders have resolved to the followings:
1. Approve the plan to go Initial Public Offering for the maximum of 551,350,000 shares with the par value of Rp200 per share.
2. Change the par value per share from Rp500 to become Rp200, which increased the number of issued shares to become 1,428,650,000.
3. Increase the issued and fully paid share capital from Rp285,730,000 to Rp396,000,000 or from 571,460,000 shares to 1,980,000,000 shares.
4. Change the Company’s articles of association to be in conformity with capital market law, which includes among others the change in the Company’s name from PT Sampoerna Agro to become
PT Sampoerna Agro Tbk. This shareholders’ resolution has been approved by the Ministry of Justice and Human Rights with its
letter No. W7-04137 HT.01.04-TH.2007 dated April 13, 2007 Note 1a. Based on Extraordinary Shareholders Meeting which was covered by Notarial Deed No. 110 of
Sutjitpto, S.H., M.Kn., dated September 18, 2006, the shareholders approved the amendments to the Company’s Articles of Association regarding share capital as follows:
1. Increase in the authorized share capital from Rp1,000,000,000 to Rp1,100,000,000 represented by
2,000,000,000 shares to 2,200,000,000 shares. 2. Increase in issued and fully paid share capital from Rp258,830,000 represented by 517,660,000
shares to become Rp285,730,000 represented by 571,460,000 shares in connnection with the distribution of bonus shares, taken from assets revaluation increment, proportionally to the existing
shareholders. The above amendments were approved by the Ministry of Justice and Human Rights with its letter No.
W7-00788 HT.01.04-TH.2006 dated September 20, 2006. On June 18, 2007, based on BAPEPAM letter No. S-2707BL2007 dated June 7, 2007 regarding to
Effective Statement for Public Offering, the Company offered 461,350,000 newly-issued shares to public with par value Rp200 per share and offering price of Rp2,340 per share. The Company obtained
Rp1,079,559,000 from the offering.
19. SALES
Sales classified by product were as follows:
2 0 0 7 2 0 0 6
Crude palm oil 726,337,791
679,114,682 Palm kernel
88,894,017 87,312,509
FFB 3,657,913
- Rubber
3,818,682 2,844,521
Germinated seeds 33,494,900
19,651,125
Total 856,203,303
788,922,837
There is no sales to one customer which exceed 10 of total consolidated sales for nine months ended September 30, 2007 and 2006.
PT SAMPOERNA AGRO Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Nine Months Ended September 30, 2007 and 2006
Expressed in thousands of Rupiah, unless otherwise stated
39 20. COST OF SALES
Cost of sales were as follows:
2 0 0 7 2 0 0 6
Upkeep and cultivation costs 90,358,650
49,270,822 Harvesting costs
25,536,250 22,127,794
Allocation of indirect costs 14,230,749
9,791,485 Depreciation and amortization
36,639,414 14,728,118
FFB production cost 166,765,063
95,918,219 Beginning balance of FFB
677,746 420,863
FFB purchase – third parties 403,021,851
381,546,002 FFB available
570,464,660 477,885,084
Ending balance of FFB Note 7 1,284,915
947,219 FFB consumed for production
569,179,745 476,937,865
FFB consumed for production – germinated seeds 1,489,496
1,439,729 FFB consumed for production –
crude palm oil and palm kernel 562,797,950
475,498,136
Cost of sales - FFB 4,892,299
-
FFB consumed for production 562,797,950
475,498,136 Manufacturing cost of:
CPO and PK 19,165,132
18,767,428 Allocation of indirect costs
3,729,587 2,436,306
Depreciation 21,619,282
16,216,676 Costs of goods manufactured
607,311,951 512,918,546
Finished goods: Beginning balance of CPO and PK
15,135,229 64,575,342
Ending balance of CPO and PK Note 7 52,964,009
15,850,956
Cost of sales- CPO and PK 569,483,171
561,642,932 Cost of sales - rubber
1,073,769 1,088,179
FFB consumed for production – germinated seeds 1,489,496
1,439,729 Manufacturing cost of germinated seeds
5,544,032 1,886,292
Work in process: Beginning balance of germinated seeds
5,227,965 5,803,019
Ending balance of germinated seeds Note 7 7,927,264
5,318,261
Cost of sales – germinated seeds 4,334,229
3,810,779 Cost of sales
579,783,468 566,541,890
Beginning balance of FFB, CPO and PK in 2007, includes balance of Sungai Rangit which was started to be consolidated on January 1, 2007 amounted to Rp2,352,369.
PT SAMPOERNA AGRO Tbk AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Nine Months Ended September 30, 2007 and 2006
Expressed in thousands of Rupiah, unless otherwise stated
40
21. OPERATING EXPENSES
