PT SAMPOERNA AGRO Tbk FORMERLY PT SELAPAN JAYA AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Three Months Ended March 31, 2007
and Year Ended December 31, 2006 With Comparative Figures for 2005 and 2004
Expressed in thousands of Rupiah, unless otherwise stated
45
22. INTEREST EXPENSES
Interest expenses were as follows:
2007 2006
2005 2004
Three Months One Year
One Year One Year
Interest on bank loans: Inti
21,810,530 31,695,517
39,929,783 49,285,445
Plasma 89,843
1,313,181 3,425,646
4,003,198 21,900,373
33,008,698 43,355,429
53,288,643 Interest on lease obligations
- -
- 12,498
21,900,373 33,008,698
43,355,429 53,301,141
Less portion capitalized to: Advances for Plasma plantations Note 8
89,843 1,313,181
2,292,379 2,369,673
Total 21,810,530
31,695,517 41,063,050
50,931,468
23. INTEREST INCOME Interest income were as follows:
2007 2006
2005 2004
Three Months One Year
One Year One Year
Current accounts 811,790
2,960,601 1,863,102
3,126,326 Time deposits
103,870 1,206,876
1,268,263 2,998,001
Total 915,660
4,167,477 3,131,365
6,124,327
24. LOSS ON SALE OF INVESTMENT IN ASSOCIATED COMPANY On April 1, 2004, Aek Tarum awarded its 44.8 ownership interest in PT Rana Wastu Kencana RWK
to PT Wahana Tata Nugraha and Alamsyah Hamdani who are both third parties. As a result, the cost of investment in the associated company amounted to Rp13,000,000 was recognized as loss on sale of
investment in associated company in 2004 consolidated statement of income.
25. RELATED PARTY BALANCES AND TRANSACTIONS
a. Significant related parties intercompany balances are as follows:
December 31, March 31, 2007
2006 2005
2004
Due to related parties: PT Selapan Permai Lestari
6,635,241 524,800
4,800 4,800
Others 72,400
12,997 20,898
20,898
Total 6,707,641
537,797 25,698
25,698
Percentage to consolidated total liabilities
0.55 0.48
0.01 0.01
PT SAMPOERNA AGRO Tbk FORMERLY PT SELAPAN JAYA AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Three Months Ended March 31, 2007
and Year Ended December 31, 2006 With Comparative Figures for 2005 and 2004
Expressed in thousands of Rupiah, unless otherwise stated
46
25. RELATED PARTY BALANCES AND TRANSACTIONS continued
b. Significant operating transactions with related party are summarized below:
2007 2006
2005 2004
Three Months One Year
One Year One Year
Payment of building rental to: PT Selapan Lestari Indah
- -
- 1,470,000
Percentage to consolidated total assets
- -
- 4.87
c. Sungai Rangit has an outstanding convertible loan amounting to Rp15,925,258 to POSSE Ltd., a related party established in Republic of Seychelles. The convertible loan will be considered due if
Sungai Rangit has fully settled its tax asessments for the fiscal years 1998 to 2005. Sungai Rangit has an option to repay all of the loan or convert the loan into additional share capital. This
convertible loan, which is non-interest bearing, was presented as “Other Long-Term Liability” in the 2007 consolidated balance sheet.
d. The Company lent US 17,505,000 or equivalent to Rp159,610,590 to Venture Max Resources Pte., Ltd., Singapore, its parent company, to refinance partially its acquisition of the Company’s
shares Note 15. This receivable was presented as part of “Other Receivables” in the consolidated balance sheet as of March 31, 2007 Note 6.
e. Palma Agro has outstanding exchangeable loan to PT Sampoerna Bio Energi “SBE”, a related party, which entitles Palma Agro to obtain all SBE’s shares, which represented 6.4 share
ownership in Sungai Rangit. This exchangeable loan, which was not subjected to interest, was presented as part of “Other Receivables” in the 2007 consolidated balance sheet Note 6.
f. The Company and Sungai Rangit have rental commitment with PT Buana Sakti, a related party Note 27d. The Company also has a management agreement with Venture Max Resources Pte.,
Ltd., the shareholder Note 27e. The subject entities are considered related parties to the Company andor its Subsidiaries in view of
common ownership andor management.
26. MINORITY INTERESTS
